Base Metals Archives - Page 6 of 101

VANCOUVER, BC, March 30, 2026 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") announces that, further to its news release dated February 16, 2026, announcing the results of the Vicuña Integrated Technical Study (the "PEA" or "Study"), the Company has filed a technical report entitled "Vicuña Project, Argentina and Chile NI 43-101 Technical Report on Preliminary Economic Assessment" with an effective date of February 16, 2026 (the "Technical Report"). There are no material differences in the results reported in the Technical Report and those contained in the February 16, 2026 news release. A copy of the Technical Report can be found on the Company's website at www.lundinmining.com and on the Company's profile on SEDAR+ at www.sedarplus.ca.

The Vicuña project (the "Vicuña Project" or "Project") is comprised of the Filo del Sol deposit and the Josemaria deposit and is held by Vicuña Corp. ("Vicuña"), a 50/50 joint arrangement between Lundin Mining and BHP. Unless otherwise indicated, all dollar amounts are stated in United States dollars ("$") and presented on a 100% basis.

Study Highlights:

The Vicuña district is planned to be developed in a staged approach, with Stage 1 focused on the construction of a sulphide mill and the development of the Josemaría deposit, establishing an initial open-pit mine and concentrator specifically designed to allow for future expansion and deliver accelerated first production and early cash flow. Stage 2 builds on this foundation by developing the Filo del Sol leachable oxides and a corresponding SX/EW plant for copper, gold and silver recovery. Stage 3 represents the long-term maturation of the district through expansion of the concentrator and development of the Filo del Sol sulphide deposit, enabling peak, sustained production, positioning the Vicuña Project as a long-life, high-quality and large scale mining operation. Stage 3 also integrates key district infrastructure, including a desalination plant and associated pipeline, and return concentrate slurry pipeline, to support expansion of the district.

Potential to be a top five copper, gold, and silver mine: Average annual production of 400,000 tonnes copper, 700,000 ounces ("oz") gold and 22 million ounces ("Moz") silver over the first 25 full years of operation.
Peak production of +500 ktpa copper: Average production over a ten-year period of over 500,000 tonnes copper, 800,000 oz gold and 20 Moz silver or 800,000 tonnes copper equivalent1 ("CuEq").
Multi-generational asset: Initial +70-year life of mine ("LOM"), producing approximately 22.3 million tonnes ("Mt") of copper, 37.2 Moz of gold and 763 Moz of silver.
First quartile cost profile: Average cash cost2 (net of by-product credits) per pound of copper of negative ($0.20/lb) and an all-in sustaining cost2 ("AISC") per pound of copper of $0.47/lb (net of by-product credits) over the first 25 full years of operation.
Staged development: Enables Vicuña to incorporate ongoing optimization for the later stages of the project, manage development risk and fund future development through operating cash flow.
Significant free cash flow: Average annual free cash flow2 of $2.2 billion per year (after expansionary capital) during the first 25 full years of operation.
Leveraged to copper and gold: LOM revenue contribution of approximately 60% copper, 32% gold and 8% silver.
Capital intensity below $30,000/tonne CuEq: Stage 1 capital of $7.1 billion with an after-tax payback period of 8.4 years3.
Robust after-tax internal rate of return ("IRR"): IRR of 14.8% which includes all project stages over the life of the mine.
Base-case scenario that establishes a globally ranked project: Net present value ("NPV8%") of $9.5 billion after-tax at $4.60/lb copper, $3,300/oz gold and $40/oz silver.
- Stage 1 provides a detailed blueprint for near-term development, while ongoing optimization studies on Stages 2 and 3 are expected to drive additional upside and long-term value creation.
At recent spot copper, gold and silver prices ($6.00/lb copper, $5,000/oz gold and $80/oz silver), the NPV8% increases to $28.8 billion and the IRR to 25.5% with a payback of 5.4 years.

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1 Copper equivalent (CuEq) based on production after recoveries and metal prices of $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. Recoveries for production are disclosed within the Technical Report for reference.

2 Cash Cost (net of by-product credits), all-in sustaining cost and free cash flow are Non-GAAP measures, please see the section "Cautionary Note Regarding Non-GAAP Measures" below. The Vicuña Project does not currently have operations and therefore does not have historical equivalent measures to compare to. As such, the Company cannot perform a reconciliation of these Non-GAAP measures.

3 Initial capital from the start of 2027 and payback period from the start of 2030.

The Study and filing of the Technical Report marks a significant milestone for the Company and our partner BHP, positioning us to make a potential sanctioning decision as early as year-end. As per the 2026 Vicuña Project budget, next steps include detailed design and engineering for Stage 1, ramp up of project readiness activities and upgrades to the site access road, all of which will advance the Project toward long-life, high-quality copper production while unlocking value across the broader district.

The Study is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

About Lundin Mining

Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on March 30, 2026 at 8:45 PM Pacific Time.

Qualified Person Statements and Related Disclosure

The Technical Report summarizing the results of the Study was prepared by the Qualified Persons (as defined under NI 43-101) named below, who have reviewed and verified the scientific and technical information and approve the written disclosure of such information. Each of the Qualified Persons named below, other than Dustin Smiley, is independent of Lundin Mining.

The Qualified Persons are:

Mr. Luke Evans, P.Eng., Global Technical Director, Geology Group Leader, SLR Consulting (Canada) Ltd.Mr. Paul Daigle, P.Geo., Principal Resource Geologist, AGP Mining Consultants Inc.Mr. Sean Horan, P.Geo., Director of Resource Modelling, Resource Modelling Solutions Ltd.Mr. Jeffery Austin, P.Eng., President, International Metallurgical and Environmental Inc.Mr. Rod Clary, P.Eng., Director – Design Engineering, Fluor Enterprises Inc.Mr. Kirk Hanson, P.E., Managing Member, KH Mining LLCMr. Dustin Smiley, P.Eng., Area Director – Phase II, Vicuña Corp.Mr. Daniel Ruane, P.Eng., Senior Engineer, Knight Piesold Ltd.

The Technical Report has been prepared pursuant to Canadian Securities Administrator's NI 43-101 requirements and may be found on the Company's SEDAR+ profile at www.sedarplus.ca and on the Company's website at www.lundinmining.com.

For more information, including with respect to data verification, assumptions, parameters and methods used to estimate Mineral Resources and Mineral Reserves, and associated risks, please refer to the news release dated February 16, 2026 as well as the Technical Report.

The reader is advised that the PEA results summarized in this news release is a conceptual study of the potential viability of the Vicuña Project, and the economic and technical viability of the Vicuña Project and its estimated Mineral Resources has not been demonstrated. The PEA is preliminary in nature and provides only an initial, high-level review of the Vicuña Project's potential and design options; there is no certainty that the PEA will be realized. The PEA conceptual mine plan and economic model include numerous assumptions and Mineral Resource estimates including Inferred Mineral Resource estimates. Inferred Mineral Resource estimates are considered to be too speculative geologically to have any economic considerations applied to such estimates. There is no guarantee that Inferred Mineral Resource estimates will be converted to Indicated or Measured Mineral Resources, or that Indicated or Measured Mineral Resources can be converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and as such there is no guarantee the Vicuña Project economics described herein will be achieved. Mineral Resource estimates may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described in the Technical Report.

Cautionary Note Regarding Non-GAAP Measures

The Company has included herein certain performance measures ("Non-GAAP measures") further described below. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards ("IFRS") and, therefore, may not be comparable to similar data presented by other mining companies. While there is no standardized meaning of each Non-GAAP measure across the industry, the Company believes that each such measure is useful to external users in assessing operating performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Vicuña Project does not currently have operations and therefore does not have historical equivalent measures to compare to. As such, the Company cannot perform a reconciliation of these Non-GAAP measures.

Cash Cost (Net of By-Product Credits) per pound sold

Cash cost includes costs directly attributable to mining operations (including mining, processing and administration), treatment, refining and transportation charges and royalties. Cash Cost includes offsite infrastructure to be funded by a third party and is included in operating costs. Revenue from sales of by-products reduce cash cost. Cash cost per pound sold is calculated by dividend cash cost by the copper sales volume.

All-In Sustaining Cost (Net of By-Product Credits) per pound sold

All-In Sustaining Cost includes cash cost (as defined above), sustaining capital expenditure (including deferred stripping), reclamation costs and lease payments (cash basis). All-In Sustaining Cost per pound sold is calculated by dividing AISC by the copper sales volume.

Sustaining capital expenditure

Sustaining capital expenditure is a supplementary financial measure and defined as cash-basis expenditures which maintain operations and sustain production levels.

Expansionary capital expenditures

Expansionary capital expenditure is defined as cash-basis expenditures which increase production capacity, cash flow or earnings potential and are reported excluding capitalized interest. Where an expenditure both maintains and expands current operations, classification would be based on the primary decision for which the expenditure is being made.

Free cash flow

Free cash flow is defined as cash flow provided by operating activities, deducting sustaining capital expenditures and expansionary capital expenditures (both as defined above).

Operating costs per tonne milled

Operating costs per tonne milled is a supplementary financial measure calculated as operating costs divided by tonnes milled.

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies and strategic vision and aspirations and their achievement and timing; the results of the Vicuña Project PEA, including but not limited to the Mineral Resource estimate and the parameters and assumptions used to estimate the Mineral Resources, future expansion of the Mineral Resource estimate and the Project, the life of mine, the life of mine plan, commencement of production, mining methods, estimated workforce and equipment requirements, production estimates and production profile, processing estimates, mining rates, metal grades and production and recovery rates, process flowsheet, costs and expenditures (including capital, sustaining and operating costs, cash costs and AISC) and the timing thereof, economic metrics and sensitivities, estimated economic results (including Project economics, economic metrics, financial performance, revenues, cash flows, earnings, NPV and IRR) and the parameters and assumptions used to estimate the economic results, geological and mineralization interpretations, exploration and development activities, timelines and similar statements relating to the economic viability of the Project, tailings management, Project infrastructure requirements (including tailings storage facilities, water, power, copper concentrate roasting facilities, pipelines, transportation systems, and desalination plant and pipeline), Project development and construction plans (including staged development, Project Stages, sequencing, timing, costs and the effects and benefits), Project permitting (including timelines and expected receipts of approvals, consents and permits, and the effects thereof), sanctioning of the Project and the timing thereof, community and social engagement and corporate social responsibility matters, economic, fiscal and other benefits of the Project to local communities, host-countries, shareholders and other stakeholders, the Vicuña Project Technical Report and the contents thereof; Project studies (including technical, environmental and social studies); the RIGI application and the timing and benefits thereof; the size and scale of the Vicuña Project, and the potential for the Vicuña Project to be a world-class project ranking among the top five copper, gold and silver mines globally; the Company's credit facility and the amendments thereto, including upsizing, expected terms thereof, timing of execution of definitive documentation, availability of committed amounts, anticipated increases in capacity of the amended credit facility upon satisfaction of conditions and project milestones, pricing, and the expected maturity date; the use of the credit facility; Project funding and the Company's expectations regarding its funding strategy and its work with BHP; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected financial performance, including expected earnings, revenue, cash flow, costs, expenditures and other financial metrics; permitting requirements and timelines; the Company's ability to comply with contractual and permitting or other regulatory requirements; timing and possible outcome of pending litigation and disputes, including tax disputes; the timing and expectations of future studies; the results of any Preliminary Economic Assessment, Pre- Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the Company's growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; the realization of synergies and economies of scale in the Vicuña district; the potential for resource expansion; the operation of the Vicuña Project with BHP; expected processing capacities and infrastructure development; the timing and expectations for future regulatory applications; the anticipated economic and fiscal benefits to Argentina and Chile, including expected tax, royalty, employment and infrastructure impacts and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; currency exchange rates and interest rates; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment in which the Company operates will continue to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits (including the RIGI application) and their renewals; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Study); the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the completion of the amended credit facility on the terms anticipated or at all; the timing of satisfaction of conditions precedent to and the Company's ability to meet the conditions of the amended credit facility; the ability of the Company to access committed amounts, including on the anticipated schedule and upon the satisfaction of certain conditions such as sanctioning Stage 1 of the Vicuña Project; the successful sanctioning, permitting and development of the Vicuña Project and commencement of production; successful completion of the Company's projects and initiatives (including the Project) within budget and expected timelines; and such other assumptions as set out herein, in the Project Technical Report when filed, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks related to the RIGI application, including if the Project is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI regime does not function as expected and risks arising from such circumstances; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations (including the Vicuña Project); risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to Inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; potential for the allegation of fraud and corruption involving the Company, its respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025, and the "Risk and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2025, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.

All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

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Toronto, Ontario–(Newsfile Corp. – March 31, 2026) – Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA) ("Honey Badger" or the "Company") is pleased to announce that its common shares are now listed for trading on the Frankfurt Stock Exchange ("FSE") and the Tradegate Exchange ("Tradegate") under the ticker symbol 1QA.

The listing provides Honey Badger with increased visibility and accessibility to European investors, particularly within Germany, one of the largest and most active markets for precious metals investors. The Frankfurt Stock Exchange is one of the world's largest trading centers for securities, while Tradegate Exchange is a leading electronic trading platform widely used by German and European retail investors.

Honey Badger believes the additional listings will enhance the Company's global investor reach, improve liquidity, and broaden its shareholder base as it continues to advance its portfolio of silver projects and pursue opportunities in the silver royalty and streaming sector.

This listing involves no cost, no issuance of new common shares, and no dilution to existing shareholders, as the listing simply provides an additional trading venue for the Company's existing shares. Honey Badger Silver will continue to trade on the Toronto Venture Exchange (TSXV), its primary exchange in Canada and the OTCQB Venture Market in the U.S under the symbol HBEIF.

Option Grant

The Company also announces that it has granted 1 million stock options (the "Options") to Ron Halas, the Company's newly appointed Chief Operating Officer, in accordance with its stock option plan, to satisfy contractual obligations associated with his appointment. Each Option is exercisable to acquire one common share of the Company at a price of $0.22 per share and will vest in accordance with the terms of the Company's stock option plan and applicable agreements.

About Honey Badger Silver Inc.

Honey Badger Silver is a unique silver company. The company is led by a highly experienced leadership team with a track record of value-creation, backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc) Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4% zinc) Inferred(2) located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon's prolific Keno Hill and adjacent to Snowline Gold's Rogue discovery. The Company's Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc(3). The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002(4). We own 10,000 ozs of silver yielding 12% per annum. In each instance, the reliability of the historical resource estimates (the "Historical Estimates") are considered reasonable, but a qualified person has not done sufficient work to classify the foregoing Historical Estimates as current mineral resources, and the Company is not treating the estimates as current mineral resources. There is no technical report associated with the Historical Estimates. The Historical Estimate contains categories that are not consistent with current CIM definitions. The Company considers the Historical Estimates to be relevant for the proper understanding of its mineral properties, however, significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person for the Historical Estimates to be in accordance with NI 43-101 standards and to verify the Historical Estimates as current mineral resources. No more recent estimates of the mineral resources or other data are available to the Company. There can be no certainty, following further evaluation and/or exploration work, that the historical estimates can be upgraded or verified as mineral resources or mineral reserves in accordance with NI 43-101.

1) Khorshidi, N. (2025). Antimony in Canada: Challenges and opportunities in critical mineral supply and demand. FACETS, 10, 1-18. https://doi.org/10.1139/facets-2025-0079

2) Sunrise Lake historic resource (2000-2003): Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold. The resource estimate for the Sunrise Deposit was carried out by Silver Standard Resources Inc. (SSR) using a classical polygonal method that relied on 72 diamond drillholes and an average density of 4 t/m3. Drill hole intercepts were taken directly from the drill logs (CBA 1998). Polygons were created within AutoCAD and AutoCAD calculated the areas. Horizontal widths were calculated using the ratio of core length to the width used by CBA in their 1998 estimate. Intercepts not used by CBA were measured on the cross sections. The intercepts were composited primarily using a geological cut-off based on the sulphide content and a nominal 30 g/t Ag grade. Internal values below 30 g/t were included for geological continuity if the composite remained above cut-off. Stringer mineralization was included where silver grades were above 30 g/t and occasionally lower if base metal grades were high. It is assumed the upper 100 m could be mined by open pit methods and the stringer mineralization would have to be removed to access the massive sulphides. The classification of the mineralization is based on the number of drill holes on a section and the continuity of the mineralization. The main massive sulphide horizon has been drilled on sections spaced 40 m apart, and above the -280 m elevation, the down dip continuity of the horizon has been tested with holes 25 to 30 m apart down dip. All mineralization in the massive sulphide horizon above 280 m is considered an Indicated Resource while the near surface stringer mineralization and the massive sulphides below 280 m are considered to be Inferred Resources. Forty holes define the massive sulphide Indicated Resource horizon. In a 2003 report to SSR, Roscoe Postle Associates Inc. (RPA) concluded SSR's resource estimate was reasonable based on approximating a NSR using typical smelter contracts, assuming metallurgical recoveries based on the limited metallurgical testing and on the following price assumptions: USD$ 5.50 per ounce silver, USD$ 400 per ounce gold, USD$ 0.45 per pound zinc, USD$ 0.25 per pound lead, and USD$ 0.80 per pound copper, as well as a USD$ 75 transportation cost, and a CDN$ 1.45:USD$ 1.00 exchange rate.

3) Clear Lake historic Resource (2010): Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead. In 2010 SRK was engaged to complete a NI 43-101 compliant resource estimate for the Clear Lake deposit for Copper Ridge Explorations Inc. The estimate was made utilizing 1,842 assays from within the deposit, from a total of 13,168 m of drilling in 63 historical drill holes. An average density of 4.07 gm/cc was used, based on a limited number of field measurements that were confirmed in the laboratory, and with a minimum thickness of 2 m. Mineral resources were estimated by ordinary kriging in 12m by 12m by 9m blocks. The mineral resources are reported at a 4% (Pb+Zn) cut-off. Pb grades have been capped at 1.5% and Ag grades were capped at 60 g/t. Although SRK placed this resource in the inferred category due to uncertainties related to the historical nature of the available data, they noted that most of the resource has been drilled at a sufficiently close enough spacing to support indicated classification. The above information has been taken from a news release by Copper Ridge dated January 18th, 2010, as no technical report is publicly available.

4) Geological Survey of Canada, 2002-C22, "Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis."

ON BEHALF OF THE BOARD

CHAD WILLIAMS, Executive Chairman and CEO

Sonya Pekar Investor Relationsinvestors@honeybadgersilver.com | +1 (647) 498-8244

Forward-Looking Statements

Certain statements in this release constitute "forward-looking statements" within the meaning of applicable securities laws, including but not limited to, the potential of the Project, the timing of the completion of the Acquisition and the Offering, the third party approvals and consents (including the stock exchange approvals) required to complete the Acquisition and the Offering, the conditions required to be satisfied to complete the Acquisition, the abilities of the companies to complete the Acquisition on the terms announced (if at all), the intentions, plans and future actions of Honey Badger described herein, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits / resources / reserves, geological interpretation, the timing for completing the Acquisition, the Company's ability to satisfy the Escrow Release Conditions on or before the Escrow Release Deadline, the potential merits of Prairie Creek, and Honey Badger’s strategic objective. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Although the Company believe that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290677

USA Rare Earth, Inc. USAR and Teck Resources Limited TECK are both major players operating in the Zacks Mining – Miscellaneous industry. As peers, each company is engaged in the extraction and development of important minerals that support electrification, clean energy technologies and advanced manufacturing.Both companies operate in capital-intensive mining industries that involve long development cycles, regulatory clearances and significant investments in infrastructure and advanced technologies. At the same time, rising demand for minerals and metals essential for electric vehicles and renewable energy is creating strong growth prospects for these companies, with the ongoing Iran-Israel conflict further tightening global markets by disrupting supply chains and reducing oil supply.

The Case for USAR

USA Rare Earth is advancing its Stillwater magnet manufacturing facility in Oklahoma closer to commercial production. The plant will produce Neodymium Iron Boron (NdFeB) magnets, which are essential for defense, aviation, automotive and other high-growth applications. The Stillwater facility is expected to become one of the first large-scale magnet plants in the United States, supporting the country’s efforts to build a domestic rare earth supply chain.USA Rare Earth is installing key equipment, assembling Line 1a and completing final preparations at the Stillwater facility for commissioning in early 2026. It is worth noting that the company started hiring and training engineers and technicians to operate the facility.USA Rare Earth also bolstered its balance sheet through PIPE financing and warrant exercises. It is worth noting that the company completed the $1.5 billion PIPE financing in January 2026. This funding is being used to make upgrades at the Stillwater plant, expand magnet finishing capabilities and complete Line 1b to increase total NdFeB magnet-producing capacity to roughly 1,200 metric tons.USAR completed the acquisition of Less Common Metals in November 2025, which will supply critical metal and alloy feedstock for the Stillwater plant. In December 2025, LCM partnered with Solvay and Arnold Magnetic Technologies Corp. (Arnold) to provide a stable and premium-quality source of rare-earth materials.Also, in January 2026, USA Rare Earth entered into a non-binding Letter of Intent (the LOI) with the U.S. Department of Commerce and announced collaboration with the U.S. Department of Energy (DOE). The Department of Commerce’s CHIPS Program has provided an LOI entailing $277 million in proposed federal funding and a $1.3 billion senior secured loan under the CHIPS Act, a total of $1.6 billion. However, since its inception, USA Rare Earth has remained in the exploration and research stages, incurring losses while yet to generate any revenues. Amid its project development phase, the company has been grappling with rising operational expenses, adversely impacting its margins and profitability. In fourth-quarter 2025, USAR’s selling, general and administrative expenses increased to $18.5 million from $4.5 million in the year-ago quarter due to a rise in legal and consulting costs.Research and development expenses rose to $15.9 million compared with $6.3 million reported in the year-ago quarter due to an increase in employee-related expenses. The lack of revenues and elevated expenses resulted in a loss of 19 cents per share in the fourth quarter.

The Case for TECK

Teck Resources is undergoing a significant strategic transformation to position itself for long-term growth, with an increased focus on copper and other critical minerals essential for the global energy transition. The company has entered into a merger agreement with Anglo American plc to create the Anglo Teck group, which will be one of the world’s leading copper producers with more than 70% of its portfolio in copper. The combined company will feature six top-tier copper assets, along with premium iron ore and zinc operations. Its annual copper production is projected at 1.2 million tons, expected to rise 10% to 1.35 million tons by 2027.Anglo Teck is expected to rank among the world’s largest zinc producers, operating major assets like the Red Dog mine in Alaska and the Trail Operations in British Columbia. The merger is expected to generate approximately $800 million in annual pre-tax synergies within four years, with around 80% of that to be achieved within the first two years through operational efficiencies and economies of scale. The company’s Zafranal copper-gold project has an expected mine life of 19 years and will produce copper-gold concentrates through open-pit mining and conventional concentration process. The mine and concentrator are expected to produce an average of 126,000 tons of copper contained in the concentrate during their first five years of production.The Highland Valley Mine Life Extension is likely to extend the mine’s life from 2028 to 2046. Expected average annual copper production will likely be 132,000 tons over the life of the mine. The San Nicolas project’s annual estimated production (on a 100% basis) is 63,000 tons of copper and 147,000 tons of zinc in the first five years. It is progressing through engineering, procurement and site mobilization, with early and permanent works including infrastructure setup, pipeline relocations, tree clearing and earthworks. The company expects to increase copper production to around 800,000 tons before the end of this decade.However, at Quebrada Blanca (QB), total production in 2025 was down 8.6% year over year to 190 thousand tons, impacted by the ongoing TMF development at the mine. This has caused additional downtime of the concentrator.Also, for 2026, the company expects total cash unit costs for the zinc segment to be $0.80-$0.90 per pound, higher than $0.60 per pound in 2025. The net cash unit cost for the segment is anticipated to be $0.65-$0.75 per pound compared with $0.33 in 2025.

How Does the Zacks Consensus Estimate Compare for USAR & TECK?

The Zacks Consensus Estimate for USAR’s 2026 bottom line is pegged at a loss of 24 cents per share. Also, the company’s consensus estimate for the 2027 bottom line is pegged at a loss of 66 cents per share.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for TECK’s 2026 bottom line is pegged at 2.19 per share. Also, the company’s consensus estimate for 2027 bottom line is pegged at 2.31 cents per share.

Image Source: Zacks Investment Research

Price Performance and Valuation of USAR & TECK

In the past six months, USAR’s shares have declined 22.7%, while TECK stock has gained 9.5%.

Image Source: Zacks Investment Research

USA Rare Earth is trading at a forward 12-month price-to-earnings ratio of negative 41.57X while Teck Resources’ forward earnings multiple sits at 21.82X.

Image Source: Zacks Investment Research

Final Take

While USA Rare Earth remains in the development stage, its Stillwater magnet facility positions it well to capitalize on the long-term demand for NdFeB magnets. Recent financing activities and the acquisition of Less Common Metals have strengthened its strategic positioning. However, the company has yet to generate revenues and continues to face rising operating expenses, resulting in sustained losses in 2025.In contrast, Teck Resources’ strong performance in the coming quarters is supported by its scale of operation, asset diversity and strategic transformation. The planned merger with Anglo American will create a global copper and critical minerals leader, with more than 70% exposure to copper and strong zinc operations. Though near-term production at Quebrada Blanca has been impacted by operational issues, TECK’s long-life assets, growth projects and expected cost and operational synergies are expected to generate stronger cash flow and lower execution risk.Teck Resources’ strong earnings outlook and diversified asset base make it a more attractive pick for investors compared with USA Rare Earth at present. Also, TECK stock outperformed USAR in the past six months, reflecting stronger investor confidence. Both Teck Resources and USA Rare Earth currently have a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Highlights:

The 2026 exploration season is to commence in April, with more than 50,000 metres of drilling planned
Over $55 million in proforma cash to fund NAK's exploration
Four cornerstone investors: South32, Teck Resources Limited ("Teck"), Eric Sprott, and Ore Group currently hold over 50 percent of American Eagle's outstanding shares
Mineral Resource Estimate and Preliminary Economic Assessment to begin in 2027

Toronto, Ontario–(Newsfile Corp. – March 31, 2026) – American Eagle Gold Corp. (TSXV: AE) (OTCQB: AMEGF) ("American Eagle" or the "Company") is pleased to provide a preliminary plan for the upcoming 2026 exploration program at NAK, the Company's 100% owned copper gold porphyry project near Smithers, British Columbia.

"We believe the project has now achieved the critical mass necessary to begin planning for a maiden mineral resource estimate and a preliminary economic assessment, both of which could be targeted for 2027 following the upcoming field season. The South Zone already hosts a well-defined, high-grade, near-surface centre of gravity, while the broader scale of the NAK system became increasingly apparent through our 2025 drilling. With over $55 million on a proforma basis, we are well-positioned to continue advancing the project. Areas once thought to be less prospective or barren are now proving to host continuous mineralization, materially expanding our view of the system and its potential.

The Company has no shortage of compelling targets as we continue to define and expand the South Zone and step out across the broader system. Our goal is to demonstrate to shareholders the true scale and significance of this mineralized system.

Our 2026 drill program will be the largest and most ambitious ever undertaken in the region, with more than 50,000 metres planned over the next year to expand known zones and test for additional high-grade centres that we believe remain to be discovered," says Anthony Moreau, CEO of American Eagle.

NAK's 2026 Drilling and Exploration Plans

The 2026 exploration season is expected to commence in April. Drilling will begin with three rigs, with a fourth rig expected to be added once seasonal operations are fully stabilized. The program is designed to continue through 2027 and is expected to comprise more than 50,000 metres of drilling.

VIEW IMAGE: NAK Plan Map Depicting the Seven Target Zones for the 2026 Drill Season

With mineralization now defined across an approximate 1.5 x 1.7-kilometre surface footprint and extending from surface to depths exceeding 800 metres, the NAK system remains open to significant expansion. The 2026-2027 campaign is designed not only to support substantial step-out and exploration drilling, but also to further define the overall scale of the mineralized system.

The geological team is continuing to refine its lithological, alteration, and mineralization models by integrating the expanded dataset generated from all work completed to date at NAK. Geochemical, structural, and geophysical data are being analyzed alongside field observations to sharpen targeting and optimize drill planning. The Company looks forward to providing a detailed drill plan and an in-depth technical preview of the 2026 drill season in the coming weeks.

A significant portion of the program will also be directed toward improving the size, continuity, and confidence of known high-grade zones, while advancing metallurgical drilling across the various mineralized zones and alteration domains. Work completed in 2026 and early 2027 is expected to inform an initial resource model and support the commencement of a preliminary economic assessment in the second half of 2027.

WATCH VIDEO: VPX Neil Prowse Discusses the Seven Target Zones for the 2026 Drill Season

Following the closing of Eric Sprott's investment and with the Teck and South32 investments expected to close on April 9, the Company anticipates having more than $55 million to fund a significant expansion of its 2026 drill campaign.

About American Eagle's NAK Project

The NAK Project lies within the Babine copper-gold porphyry district of central British Columbia, in Lake Babine Nation traditional territory. It has excellent infrastructure through all-season roads and is close to the towns of Smithers, Houston, and Burns Lake, B.C., which lie along a major rail line and Provincial Highway 16. Historical drilling and geophysical, geological, and geochemical work at NAK, which began in the 1960's revealed a very large near-surface copper-gold system that measured over 1.5 km x 1.5 km. Historical work however, only sparsely tested the system to shallow depths, leaving a compelling exploration target. Drilling initiated by American Eagle in 2022 returned significant intervals of high-grade copper-gold mineralization that reached much deeper than the historical drilling, indicating that zones of near-surface and deeper mineralization, locally with considerably higher grades, exist within the broader NAK property mineralizing system. Subsequent exploration seasons have continued to advance the scale, grade, and tenor of mineralization at NAK, leading to continued support from strategic shareholders Teck and South32.

For the latest videos from American Eagle, Ore Group, and all things mining, subscribe to our YouTube Channel: youtube.com/@theoregroup.

About American Eagle Gold Corp.American Eagle is dedicated to advancing its NAK copper-gold porphyry project in west-central British Columbia, Canada. The Company will benefit from over $55 million following the April 9th closing, bolstered by four key shareholders, including major mining companies Teck Resources Limited and South32, and large strategic investors Eric Sprott and Ore Group. With substantial financial and technical resources, American Eagle Gold is well-positioned to drill, de-risk, and define the full potential of the NAK copper-gold porphyry project.

Anthony Moreau, Chief Executive Officer

416.644.1567amoreau@oregroup.ca www.americaneaglegold.ca

Q.P. Statement

Mark Bradley, B.Sc., M.Sc., P.Geo., a Certified Professional Geologist and independent 'qualified person' for the purposes of Canada's National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release.

Forward-Looking Statements

Certain information in this press release may contain forward-looking statements. Forward-looking statements in this press release include, but are not limited to: including statements relating to the closing of the financing with Teck and South32, the shareholdings of certain investors, the expected financial resources, the 2026-2027 drilling and exploration program or its anticipated results at the Company's NAK project, and other matters ancillary or incidental to the foregoing. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Therefore, actual results might differ materially from those suggested in forward-looking statements. American Eagle Gold Corp. assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to American Eagle Gold Corp. Additional information identifying risks and uncertainties is contained in filings by American Eagle Gold Corp. with Canadian securities regulators, which filings are available under American Eagle Gold Corp. profile at www.sedarplus.ca.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290612

BHP Group Limited BHP and Southern Copper Corporation SCCO both offer meaningful exposure to copper, a key metal underpinning electrification, renewable energy expansion and long-term infrastructure growth.

BHP, with a market capitalization of $177 billion, is a diversified mining giant producing iron ore, copper, uranium, gold, zinc, lead, molybdenum, silver, cobalt, and both metallurgical and energy coal. In comparison, Southern Copper, valued at roughly $134 billion, is more copper-focused, with additional output of molybdenum, zinc, silver, gold and lead.

The long-term outlook for copper remains constructive, supported by rising demand from electric vehicles, renewable energy systems and infrastructure development. Against this backdrop, investors are evaluating which stock is better positioned, BHP or SCCO? To make an informed decision, let us analyze their fundamentals, growth potential and key challenges.

The Case for BHP Group

BHP is actively reshaping its portfolio toward future-facing commodities, particularly copper and potash, which together account for nearly 70% of its medium-term capital allocation. BHP has achieved 30% growth in copper production in the last four years.

Copper production reached 984 kt in the first half of fiscal 2026. Escondida achieved record concentrator throughput and improved recoveries, aided by operational enhancements. Copper SA delivered a record amount of material mined. Copper output is targeted at 1,900-2,000 kt in fiscal 2026.

The company recently submitted the "Escondida New Concentrator" project to the Environmental Assessment System as part of its ongoing efforts to grow the business. The new concentrator, with a likely investment of $4.4-$5.9 billion, will replace the historic Los Colorados plant, which is approaching the end of its operating life. BHP plans to install new capacity to produce 220 – 260 kt of copper annually.

Resolution Copper, a joint venture owned by BHP (45%) and Rio Tinto (55%), and the United States Forest Service (USFS) have announced the completion of a Federal land exchange. This milestone enables the next phase of technical work and development planning for the Resolution Copper project, which is one of the most significant undeveloped copper resources in the United States.

BHP has copper projects under execution and a pipeline that could deliver around 2 Mtpa of attributable copper production by the 2030s.

BHP is also advancing the Jansen Stage 1 potash project, a large-scale, low-cost, high-grade resource with a mine life exceeding 100 years. BHP is working toward its first production by mid-2027. Meanwhile, the company is also investing in growing its iron ore business. Over the medium term, WAIO production is expected to exceed 305 Mt annually, supported by expanded rail operation capacity unlocked by RTP1 and the Western Ridge Crusher Project. BHP is investing in a sixth car dumper and related infrastructure at Port Hedland.

The Case for SCCO

Southern Copper has the largest copper reserves in the industry and operates high-quality, world-class assets in investment-grade countries, such as Mexico and Peru.

Copper production was 956,270 tons in 2025, reflecting a modest 1.8% year-over-year decline and falling 1% short of its guidance. Lower output at Buenavista and the Peruvian mines, partially offset by a rise in production at IMMSA and La Caridad mines, led to decreased numbers for the year.

Expecting weaker ore grades at its Peruvian mines, SCCO projects 2026 copper production at around 911,400 tons, suggesting a 4.7% decline from 2025 levels.Despite these near-term headwinds, Southern Copper maintains a strong long-term outlook, targeting a significant ramp-up in output to roughly 1.6 million tons by 2035. This implies a compound annual growth rate (CAGR) of approximately 5.3% from 2025 levels.

To support this growth plan, the company intends to invest nearly $19.9 billion over the next decade, with the bulk of the capital allocated to projects in Peru. A substantial portion of this spending is scheduled through 2031 as key development projects progress.

Production is expected to increase to about 1.15 million tons by 2031, surge to roughly 1.476 million tons in 2032 and continue rising steadily to reach the above-mentioned 1.6 million ton target by 2035. This trajectory highlights SCCO’s confidence in its robust and diversified project pipeline spanning Peru and Mexico.Key growth catalysts include the Tía María, Los Chancas and Michiquillay projects in Peru, along with El Pilar and El Arco in Mexico, all of which underpin SCCO’s long-term expansion pipeline.

How Does the Zacks Consensus Estimate Compare for BHP & SCCO?

The Zacks Consensus Estimate for BHP’s fiscal 2026 earnings per share of $4.94 indicates growth of 35.7%. The same for fiscal 2027 suggests a 0.3% dip.

The Zacks Consensus Estimate for SCCO’s fiscal 2026 EPS of $6.57 implies year-over-year growth of 25.4%. The company’s EPS estimates for fiscal 2027 imply a decline of 4.95%.

Image Source: Zacks Investment Research

The estimates for BHP for both fiscal 2026 and 2027 has moved up in the past 60 days. The estimate for SCCO for both 2026 and 2027 has also moved up in the past 60 days.

Image Source: Zacks Investment Research

Price Performance and Valuation of RIO & BHP

In the past year, BHP shares have risen 43.2%, while SCCO stock has surged 73.4%. Image Source: Zacks Investment Research

BHP is trading at a forward 12-month price-to-earnings ratio of 14.11X, while Southern Copper’s forward earnings multiple sits at 24.97X. BHP has a Value Score of B, while SCCO has a Value Score of D.

Image Source: Zacks Investment Research

Final Take

Both stocks currently carry a Zacks Rank #3 (Hold), so choosing one is difficult. Both are poised to benefit from strong momentum in the copper market, supported by strong asset bases and expanding production pipelines. However, SCCO faces near-term production headwinds and offers a more expensive valuation. BHP’s diversified earnings base and more attractive valuation give it an edge.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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BHP Group Limited Sponsored ADR (BHP) : Free Stock Analysis Report

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This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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Wondering if BHP Group at around A$50.43 is offering value right now, or if the share price already reflects most of the opportunity.
The stock has had a mixed run, with a 7.0% return over the last week, a 13.7% decline over the past month, and longer term returns of 10.2% year to date and 37.5% over the past year.
Recent news coverage has focused on BHP Group’s role in global commodities markets and how shifts in demand and sentiment can affect large diversified miners. This backdrop helps explain why the share price can move sharply over shorter periods even when the long term story appears more stable.
BHP Group currently has a value score of 2 out of 6. The next sections will compare what different valuation methods suggest about the stock, and then finish with a way of looking at valuation that can give a more complete picture.

BHP Group scores just 2/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.

Approach 1: BHP Group Discounted Cash Flow (DCF) Analysis

A Discounted Cash Flow, or DCF, model projects a company’s future cash flows and then discounts them back to today using a required rate of return, aiming to estimate what the business might be worth in dollar terms at present.

For BHP Group, the model used here is a 2 Stage Free Cash Flow to Equity approach based on cash flow projections. The latest twelve-month free cash flow is about $10.33b. Analysts provide forecasts out to 2030, with projected free cash flow for that year of $11.15b. Beyond the initial analyst window, further annual cash flows out to 2035 are extrapolated by Simply Wall St, rather than based on additional analyst estimates.

When all those projected cash flows are discounted back to today, the DCF model gives an estimated intrinsic value of $39.60 per share. Compared with the current share price of around A$50.43, this output implies BHP Group is about 27.4% overvalued on this measure.

Result: OVERVALUED

Our Discounted Cash Flow (DCF) analysis suggests BHP Group may be overvalued by 27.4%. Discover 8 high quality undervalued stocks or create your own screener to find better value opportunities.

BHP Discounted Cash Flow as at Mar 2026

Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for BHP Group.

Approach 2: BHP Group Price vs Earnings

For a profitable company like BHP Group, the P/E ratio is a useful way to think about value because it links what you pay today to the earnings the business is currently generating. You can think of a “normal” or “fair” P/E as the level that reflects the market’s view of a company’s growth prospects and risk profile, with higher growth or lower perceived risk often justifying a higher multiple.

BHP Group currently trades on a P/E of 17.17x. That sits above the Metals and Mining industry average P/E of 12.51x, but below the peer group average of 28.02x. On its own, that comparison can be hard to interpret because peers can differ in size, growth outlook, margins and exposure to different commodities.

Simply Wall St’s “Fair Ratio” aims to solve this by estimating the P/E that might be appropriate for BHP Group based on factors such as its earnings growth profile, industry, profit margins, market capitalization and company specific risks. This tailored Fair Ratio of 24.51x is designed to be more relevant than a simple industry or peer average comparison. Because BHP Group’s current P/E of 17.17x is below this Fair Ratio, the stock is described as undervalued using this approach.

Result: UNDERVALUED

ASX:BHP P/E Ratio as at Mar 2026

P/E ratios tell one story, but what if the real opportunity lies elsewhere? Start investing in legacies, not executives. Discover our 4 top founder-led companies.

Upgrade Your Decision Making: Choose your BHP Group Narrative

Earlier we mentioned that there is an even better way to understand valuation. On Simply Wall St this takes the form of Narratives, where you set a clear story for BHP Group, link that story to specific forecasts for revenue, earnings and margins, and arrive at a Fair Value that can be compared directly to today’s share price. This can help you judge whether the stock looks attractive or expensive, with everything updating automatically as new news or earnings arrive. Different investors openly share very different views, such as a low fair value of about A$31.79 built on modest revenue growth and an A$38.25 fair value built on revenue declining 4.9% a year, through to higher fair values like A$55.50, A$57.64, A$62.55 or even A$121.48 that reflect higher assumed growth, stronger margins or different P/E expectations. All of these are available to explore on the BHP Group Community page.

For BHP Group however we will make it really easy for you with previews of two leading BHP Group Narratives:

Together they show how different investors can look at the same company, use credible data, and still reach very different conclusions about what the shares are worth today.

🐂 BHP Group Bull Case

Fair value in this narrative: A$52.50 per share

Valuation gap vs last close of A$50.43: about 4.1% undervalued

Revenue growth assumption: 0.90%

Analysts in this camp see BHP Group supported by demand for critical minerals, ongoing infrastructure build in Asia and India, and a focus on long life, low cost assets that can support resilient earnings and cash flow.
They anchor on relatively steady revenues, higher forecast profit margins and a P/E of 17.6x by 2029, which together underpin a consensus fair value of A$52.50 that sits close to the current share price.
Key watchpoints are iron ore concentration, project execution at assets like Jansen, regulatory and ESG pressures, and inflationary costs, all of which could challenge this more constructive view if they bite harder than expected.

🐻 BHP Group Bear Case

Fair value in this narrative: A$31.79 per share

Valuation gap vs last close of A$50.43: about 58.6% overvalued

Revenue growth assumption: 1.41%

The more cautious narrative stresses that BHP Group is heavily exposed to iron ore and therefore to long term steel demand in China, and questions how much of the copper and potash opportunity is already reflected in the share price.
This view highlights risks around structural changes in Chinese steel demand, possible oversupply in future facing commodities and the potential for cost or timing issues on major projects to erode returns.
It also flags regulatory and sovereign risks, higher potential government take and evolving environmental requirements as factors that could weigh on free cash flow conversion and justify a much lower fair value than the current market price.

These two narratives sit alongside several others, and together they frame a wide debate on BHP Group’s earnings power, risk profile and fair value. If you want to see how that full range of views translates into numbers and price targets, head over to the Community Narratives for BHP Group where all of these assumptions are laid out and updated as new data comes through.

Do you think there’s more to the story for BHP Group? Head over to our Community to see what others are saying!

ASX:BHP 1-Year Stock Price Chart

This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include BHP.AX.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Halo Minerals begins trading after £20m AIM float Proactive uses images sourced from Shutterstock

Halo Minerals, a company looking to extract copper from legacy mining waste in northern Chile, has raised £4 million and listed on London's AIM.

The shares started trading on Monday, dropping 2.8% to 17.5p from the 18p issue price of the initial public offering.

At the IPO price, Halo had a market capitalisation of around £20 million.

Operations are focused on processing tailings, the material left behind after ore has been mined and processed, at the Playa Verde project in the Atacama region, the prolific copper-producing area where BHP's Escondida mine is based, along with state-owned giant Codelco that has partnerships with Antofagasta, Freeport-McMoRan and Rio Tinto.

The Playa Verde project holds a JORC-compliant mineral resource of 53 million tonnes at 0.24% copper, with ore reserves of 32.2 million tonnes at 0.25% copper containing an estimated 79,359 tonnes of fine copper.

Based on a copper price of $5.30 per pound, the reserves carry an estimated net present value of $154 million.

The funds raised will be used to advance the project towards a final investment decision, or to a point at which outside project financing becomes available.

Chief executive Andrew Dennan said admission to AIM "represents a significant milestone for Halo", which he said is "well-positioned to support the global transition to sustainable energy through the extraction of critical minerals, delivering both environmental and economic value".

"Listing on AIM strengthens our ability to grow as a company by enhancing our visibility, broadening our shareholder base and providing a platform from which to pursue our long-term strategy."

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Why Lundin Mining Is Drawing Investor Attention Now

Lundin Mining (TSX:LUN) has seen mixed recent share performance, with a small gain over the past week contrasted with a decline over the past month and a positive move over the past three months. This combination is keeping investors focused on fundamentals.

See our latest analysis for Lundin Mining.

At a share price of CA$32.04, Lundin Mining has seen its short term momentum fade, with a 26.28% decline in its 1 month share price return. However, its 1 year total shareholder return is very large, which points to a much stronger longer term picture.

If you are comparing Lundin Mining with other copper names, this could be a good moment to scan for producers using the 8 top copper producer stocks

With Lundin Mining trading at CA$32.04, an estimated 22% below some analyst price targets and showing an indicated intrinsic discount of 64.4%, you have to ask: is this a genuine value opportunity, or is the market already baking in future growth?

Most Popular Narrative: 8.4% Overvalued

Southern Copper’s most followed narrative points to a fair value of $149.54, which sits below the current $162.07 share price and frames the latest pullback in a different light.

Southern Copper has announced substantial capital investments totaling over $15 billion, including projects in Mexico and Peru, which are expected to drive future production growth and potentially boost revenue significantly. The company’s Buenavista zinc concentrator is now operating at full capacity, anticipated to drive a 31% increase in zinc production in 2025, likely enhancing revenues and improving net margins due to efficient operations.

Read the complete narrative.

Want to see what kind of revenue trajectory and margin profile need to line up with those investments to support that fair value? The narrative leans on specific growth rates, profitability assumptions and a future earnings multiple that is compared directly with the broader US metals and mining group, all filtered through a single discount rate to bring those cash flows back to today.

Result: Fair Value of $149.54 (OVERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, investors still need to watch for rising operating costs and potential project or community disruptions that could pressure margins and delay expected cash generation.

Find out about the key risks to this Southern Copper narrative.

Another View: Cash Flows Paint a Different Picture

The narrative fair value of $149.54 suggests Southern Copper looks 8.4% overvalued against the $162.07 share price. However, the SWS DCF model points the other way, with a future cash flow value of $176.81 implying the shares trade at an 8.3% discount. So which story do you trust more: earnings multiples or long term cash flows?

Look into how the SWS DCF model arrives at its fair value.

SCCO Discounted Cash Flow as at Mar 2026

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Southern Copper for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 62 high quality undervalued stocks. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

Next Steps

Uncertain about whether the current enthusiasm or caution resonates more with you? Take a closer look at the underlying data, weigh both sides, and let the balance of risks and rewards guide your own view with 3 key rewards and 2 important warning signs.

Looking for more investment ideas?

Do not stop your research with Southern Copper alone; broaden your watchlist with other focused ideas that match different goals, risk levels, and income needs.

Target potential mispricings by scanning for companies that combine quality with valuation support using the 62 high quality undervalued stocks.
Strengthen your income stream by searching for companies that offer higher yields and robust payouts through the 12 dividend fortresses.
Cut down portfolio stress by filtering for companies with more resilient profiles and steadier risk scores via the 64 resilient stocks with low risk scores.

Companies discussed in this article include SCCO.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Find your next quality investment with Simply Wall St’s easy and powerful screener, trusted by over 7 million individual investors worldwide.

Why Teck Resources stock is on investors’ radar today

Teck Resources (TSX:TECK.B) is back in focus after recent share price moves, with the stock up about 8.3% over the past week but showing a 15.8% decline over the past month.

See our latest analysis for Teck Resources.

The recent rebound in Teck’s share price, now at about CA$67.47 after an 8.3% 7 day share price return but a 15.8% 30 day share price decline, sits against a stronger backdrop, with 1 year total shareholder return of 26.9% and 5 year total shareholder return of 194.9%. This suggests longer term momentum has been positive even as short term sentiment has cooled.

If this kind of volatility has you looking beyond a single miner, it could be a good moment to scan the top producers highlighted in our copper stock ideas via the 8 top copper producer stocks

With Teck trading at about CA$67.47 and sitting close to analysts’ price targets and an intrinsic value estimate, the key question now is simple: is there still a buying opportunity here, or is future growth already priced in?

Most Popular Narrative: 16.5% Undervalued

Teck Resources is trading at about CA$67.47, while the most followed narrative anchors fair value closer to CA$80.82, framing the recent moves through a longer term lens.

The company’s strong balance sheet and robust liquidity ($4.8B in cash and $8.9B total liquidity) provide capacity to execute large-scale copper growth investments and shareholder returns (buybacks/dividends), supporting sustained increases in per-share earnings and capital returns. Teck’s ongoing investment in ESG initiatives, safety culture, and sustainable mining (19 consecutive years recognized as a top Canadian corporate citizen) enhances its access to premium customers and capital, reduces regulatory and reputational risk, and should help support higher realized prices and better long-term margin resilience.

Read the complete narrative.

Want to understand why this narrative still points above today’s price? It hinges on measured revenue gains, wider margins, and a richer earnings multiple. The full story connects production targets, buybacks, and profitability into one valuation roadmap.

Result: Fair Value of CA$80.82 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, investors still need to watch for project delays and cost inflation on large copper developments, as well as any setbacks on merger approvals.

Find out about the key risks to this Teck Resources narrative.

Another way to look at Teck’s valuation

The fair value narrative points to Teck being about 16.5% undervalued at CA$80.82, but the current P/E of 23.6x tells a more mixed story. It is slightly above the fair ratio of 23.2x and above the Canadian metals and mining average of 15.7x, yet below the peer average of 40.4x, raising a simple question: is the market underpaying for quality or overpaying for comfort?

See what the numbers say about this price — find out in our valuation breakdown.

TSX:TECK.B P/E Ratio as at Mar 2026

Next Steps

Given the mixed signals so far, it makes sense to look at the numbers yourself and decide if the optimism holds up. To see what investors are focusing on, review the 2 key rewards

Looking for more investment ideas?

Before you move on, broaden your watchlist with a few focused stock ideas that could sharpen your portfolio thinking and highlight opportunities you might otherwise miss.

Target potential mispricing by scanning companies that appear attractively valued with the help of the 9 high quality undervalued stocks.
Strengthen your income stream by reviewing businesses offering robust yields and payout profiles through the 5 dividend fortresses.
Prioritize resilience by checking companies that show healthy finances and solid fundamentals via the solid balance sheet and fundamentals stocks screener (9 results).

Companies discussed in this article include TECK-B.TO.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Southern Copper (SCCO) ended the recent trading session at $159.76, demonstrating a -3.46% change from the preceding day's closing price. The stock fell short of the S&P 500, which registered a loss of 1.74% for the day. Elsewhere, the Dow saw a downswing of 1.01%, while the tech-heavy Nasdaq depreciated by 2.38%.

Prior to today's trading, shares of the miner had lost 23.1% lagged the Basic Materials sector's loss of 13.13% and the S&P 500's loss of 4.99%.

The investment community will be closely monitoring the performance of Southern Copper in its forthcoming earnings report. In that report, analysts expect Southern Copper to post earnings of $1.88 per share. This would mark year-over-year growth of 57.98%. At the same time, our most recent consensus estimate is projecting a revenue of $3.87 billion, reflecting a 23.93% rise from the equivalent quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $6.57 per share and a revenue of $14.56 billion, indicating changes of +25.38% and +8.5%, respectively, from the former year.

Any recent changes to analyst estimates for Southern Copper should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 3.3% increase. Southern Copper currently has a Zacks Rank of #3 (Hold).

Digging into valuation, Southern Copper currently has a Forward P/E ratio of 25.19. This represents a premium compared to its industry average Forward P/E of 23.98.

Also, we should mention that SCCO has a PEG ratio of 1.71. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Mining – Non Ferrous industry held an average PEG ratio of 1.3.

The Mining – Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 162, which puts it in the bottom 34% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow SCCO in the coming trading sessions, be sure to utilize Zacks.com.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Juan Andrés Morel Appointed Chairman; Henri van Rooyen Steps Down Following Years of Service

Tamarack, Minnesota–(Newsfile Corp. – March 26, 2026) – Talon Metals Corp. (TSX: TLO) (OTCID: TLOFF) ("Talon" or the "Company") announced that, effective today, its Board of Directors has appointed Juan Andrés Morel as Chairman of the Board. Mr. Morel succeeds Henri van Rooyen, who is stepping down from the role following many years of leadership and service to Talon. Mr. Morel joined Talon's Board in connection with the closing of Talon's acquisition of Eagle Mine and the associated Humboldt Mill in January 2026.

Mr. Morel brings more than 30 years of mining industry experience spanning operations, engineering, project development, and executive leadership. He is Executive Vice President and Chief Operating Officer at Lundin Mining, overseeing global operations and project development. Prior to joining Lundin Mining in 2022, he held senior operating and technical leadership roles at BHP, Antofagasta Minerals, and CODELCO.

Mr. van Rooyen has led Talon's development for more than a decade. Since being appointed Chief Executive Officer in 2012, he has shaped the Company's strategic direction, advancing the Tamarack Nickel-Copper Project from concept through expansion and into environmental review in tandem with the progression of the U.S. Department of Energy-funded North Dakota Battery Minerals Processing Facility. He also led the acquisition of the Eagle Mine and Humboldt Mill to establish a U.S. nickel-copper platform.

"Henri's contributions in guiding Talon to where it is today cannot be quantified," said Darby Stacey, CEO of Talon. "He has led tirelessly through both exciting and challenging times and has shaped the company through important stages of its development, including the recent transformational acquisition of the Eagle Mine and Humboldt Mill. Under Henri's leadership, the transition has advanced exceptionally well and ahead of schedule, leaving Talon well prepared for Juan Andrés to assume the role of Chairman. Juan Andrés brings extensive operating experience, strong technical and strategic insight, and a clear understanding of our business and industry. We look forward to working closely with him as we continue advancing Talon's strategy and building on the progress already underway."

Mr. Morel said, "I am honored to assume the role of Chairman of the Board at this important time for Talon. I want to thank Henri for his years of leadership and service. Through my role at Lundin Mining and my involvement in Talon's acquisition of the Eagle Mine and Humboldt Mill, I have had the opportunity to get to know these operations and the broader business well. Talon has a strong asset base, a clear strategic direction, and an experienced leadership team. I look forward to working closely with the Board and management team to support Talon's continued progress and long-term success."

Mr. van Rooyen said, "It has been the greatest privilege to lead Talon for the past 14 years. When we started at Tamarack, we were a small team with a dream and a highly prospective land position in the 11-mile Tamarack Intrusive Complex. Today, thanks to the extraordinary combination of unique skills, tenacity, and innovation demonstrated by our incredible Talon team, as well as the support of the Department of War, the Defense Logistics Agency, and the Department of Energy, Talon has delivered multiple discoveries, including the Vault Zone and Boulderdash, 8 miles from Eagle. During this time, the iterative Minnesota environmental review process resulted in an innovative Tamarack Nickel-Copper Project that addressed stakeholder concerns. Having long admired the achievements of the Eagle team, it is a privilege to see the pieces of a U.S. nickel-copper platform coming together at an important time for U.S. critical minerals. I have full confidence in Darby, Juan Andrés, and the entire unified 505-person Talon team to execute on the Company's strategy. Thank you to every member of the Talon family for your dedication and unwavering belief in our vision."

ABOUT TALONTalon is a TSX-listed base metals company advancing and operating high-grade nickel-copper assets in the United States, including 100% ownership of the Eagle Mine and Humboldt Mill in Michigan, the only primary nickel mine currently operating in the United States, and the Tamarack Nickel-Copper-Cobalt Project in Minnesota. Talon is in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project located in central Minnesota. Talon's shares are also traded in the US over the OTC market under the symbol TLOFF. The Tamarack Nickel-Copper-Cobalt Project comprises a large land position (18 km of strike length) with additional high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up to 60% of the Tamarack Nickel-Copper-Cobalt Project and currently owns 51%. Talon has a neutrality and workforce development agreement in place with the United Steelworkers union. Talon's Beulah Mineral Processing Facility in Mercer County was selected by the US Department of Energy for a US$114.8 million funding grant from the Bipartisan Infrastructure Law and the US Department of War awarded Talon a grant of US$20.6 million to support and accelerate Talon's exploration efforts in both Minnesota and Michigan. Talon has well-qualified and experienced exploration, mine permitting, mine development, operations, and community relations teams.

For additional information on Talon, please visit the Company's website at www.talonmetals.com or contact:

Media Contact:Jen Heikkila(906) 236-2580jen.heikkila@talonmetals.com

Investor Contact:Mike Kicis(647) 968-0060kicis@talonmetals.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290158

Vancouver, British Columbia–(Newsfile Corp. – March 25, 2026) – Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU) is advancing a portfolio of copper-focused projects across North America, with key milestones including an economic study in Arizona, exploration drilling near one of the world's largest copper deposits, and potential development decisions with with Teck Resources Limited.

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU)https://copperfoxmetals.com/

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Contact: Trina Schlingmann (604) 664-7401 x 5 trina@b-tv.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289792

Vancouver, British Columbia–(Newsfile Corp. – March 24, 2026) – Highway 50 Gold Corp. (TSXV: HWY) ("Highway 50" or the "Company") is pleased to announce the appointment of Brian D. Edgar and Peter Schloo to Highway 50's Board of Directors, effective immediately.

Mr. Edgar has broad experience working in junior and mid-size natural resource companies. Mr. Edgar has served as Chairman of Arras Minerals Corp. since its inception in 2021 and as Chairman of the Board of Silver Bull Resources since 2010. He served as President and CEO of Dome Ventures Corporation from 2005 to 2010, when Dome was acquired by Silver Bull. Further, Mr. Edgar served as a director of Dome (1998 to 2010), Lundin Mining Corp. (1994-2015), Lucara Diamond Corp. (2007-2020), BlackPearl Resources Inc. (2006-2018), ShaMaran Petroleum Corp. (2007-2019), Denison Mines Corp. (2005-2025) and of numerous public resource companies over the last 40+ years. Mr. Edgar practiced corporate/securities law in Canada for 16 years.

Peter Schloo holds the CPA, CA and CFA designations with 10+ years of progressive experience in capital markets, operations and assurance. Mr. Schloo is a Dealing Representative at Corton Capital as well as a licensed Diamond Driller and Prospector in Ontario, Canada. Currently President, CEO and Director at Heritage Mining Ltd., Director at Silver Crown Royalties Inc. (SCRI), Ramp Metals Inc. (RAMP) and Pacific Empire Minerals Corp (PEMC). Mr. Schloo has held Senior Executive positions in a number of private/public companies, with the majority in the Precious Metals sector.  Mr. Schloo's successes include over C$100 M in associated capital raising opportunities in addition to building an in-house diamond drilling operation for Heritage Mining Ltd.

Mr. Edwin Rees has resigned from the Board of Directors of the Company, effective March 23, 2026. The Board thanks Mr. Rees for his contributions during his tenure.

The Company also announces a grant of 1,811,000 incentive stock options (the "Options") and 1,545,000 restricted share units (the "RSUs") to certain directors, officers and consultants to the Company.

Each Option is exercisable to acquire one common share of the Company (a "Share") at a price of $0.47 per Share, for a period of five years from the date of grant. The Options will vest over a one-year period. The RSUs shall vest in two equal tranches, with one-half vesting on each of the second and third anniversaries of the date of grant. Upon vesting, each RSU shall entitle the holder to receive one Share. All grants of Options and RSUs are pursuant to the Company's Stock Option and Equity Incentive plans.

Gordon P. Leask, P.Eng. Chief Executive OfficerTel: 604.681.4462 Email: gord@highway50gold.com

About Highway 50 Gold Corp.

Highway 50 Gold Corp. is a mineral exploration stage company led by a team of experienced explorers and mine finders. The Company is executing an exploration plan refined over 35 years of experience in Nevada. The exploration focus on its projects are a result of what management believes to be breakthroughs in the understanding of north-central Nevada's crustal architecture.

Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289615

Toronto, Ontario–(Newsfile Corp. – March 24, 2026) – Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) ("Honey Badger" or the "Company") is pleased to announce that, further to its press release dated March 19, 2026 announcing a brokered private placement offering of subscription receipts (the "Offering"), SCP Resource Finance LP, as lead agent on behalf of a syndicate of agents (collectively, the "Agents") has fully exercised the Agents' option (the "Agents Option"), resulting in gross proceeds of up to approximately C$11.5 million, for a total of up to 71,875,000 subscription receipts of the Company (the "Subscription Receipts"), pursuant to the Offering.

Each Subscription Receipt will be issued at a price of C$0.16 and will convert into one unit (a "Unit") of the Company upon satisfaction of the Escrow Release Conditions (as defined herein). Each Unit will consist of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire one additional Common Share for a period of three years at an exercise price of C$0.24 per Common Share.

The Company is also pleased to announce that the Company's management team, board of directors and its advisors are expected to purchase over 10% of the Offering, further demonstrating strong support for Honey Badger's strategy and proposed acquisition of the Prairie Creek Project (the "PC Silver Project" or the "Project").

Proceeds to Advance Transformational Prairie Creek Acquisition

As announced on March 19, 2026, Honey Badger entered into a definitive agreement dated March 13, 2026 to acquire all of the issued and outstanding shares of Canadian Zinc Corporation ("CZC"), 100% owner of the PC Silver Project from Resource Capital Fund VI L.P. ("RCF"), an arm's length party to the Company, for C$10 million in cash plus C$2 million in Honey Badger shares and warrants (the "Acquisition").

The PC Silver Project is a permitted[1] underground silver-zinc-lead project, hosting a large, high-grade historical resource base with significant existing underground and development infrastructure, located in the Northwest Territories. The net proceeds of the Offering (including the Agents Option) are expected to be used to fund the cash portion of the purchase price associated with the Acquisition and the expenses related to the Acquisition.

The Acquisition is expected to close in Q2 2026 and will be completed on a cash-free and debt-free basis, subject to customary closing conditions, including the receipt of TSX Venture Exchange ("TSXV") acceptance.

The Project hosts a historical resource estimate[2] of:

9.8 Mt of Measured & Indicated Resources, grading 139 g/t Ag, 9.7% Zn and 8.8% Pb for a total of 240 Mozs of silver equivalent at a silver equivalent grade of 766 g/t; and
6.4 Mt of Inferred Resources grading 150 g/t Ag, 12.9% Zn, and 6.7% Pb, hosting 167 Mozs of silver equivalent at a silver equivalent grade of 813 g/t.[3]

The Company believes that the key aspects of the of the Project include:

Key permits and regulatory approvals in place for development;
Support from local Indigenous Governments, with multiple agreements in place;
Multiple economic studies previously completed further support the potential of the PC Silver Project;
Excellent regional exploration potential on the large and under-explored 7,485 hectare land position.

Chad Williams, Executive Chairman of Honey Badger, commented "We are very pleased to see strong demand for this financing, including the participation of certain insiders of the Company. The agents' exercise of the over-allotment option reflects a recognition of the pivotal nature of the PC Silver Project acquisition for Honey Badger. We believe this is one of the most compelling silver development opportunities globally, particularly in the context of current silver prices."

Offering Details

The Offering is expected to close on or about April 15, 2026, and remains subject to customary closing conditions, including approval of the TSXV.

The gross proceeds of the Offering less certain expenses and a portion of the Agents' fees, will be deposited into escrow with a subscription receipt agent pending satisfaction of the Escrow Release Conditions (such amount being the "Escrowed Funds"), which includes the completion, satisfaction or waiver of all conditions precedent to the closing of the Acquisition other than the payment of the purchase price and receipt of final approval of the TSXV (the "Escrow Release Conditions"). If the Escrow Release Conditions are satisfied on or before June 15, 2026 (the "Escrow Release Deadline"), the Escrowed Funds (less the balance of the Agents' fees) will be released to the Company and the Subscription Receipts will automatically convert into Units. If the Escrow Release Conditions are not satisfied on or before the Escrow Release Deadline, the Subscription Receipts will be canceled, and the Escrowed Funds will be returned to holders of Subscription Receipts on a pro rata basis.

In consideration for their services, the Agents will receive a cash commission equal to 6% of the gross proceeds of the Offering and such number of compensation warrants equal to 6% of the number of Units issued pursuant to the Offering; in each case, subject to a reduction to 3% in respect of sales of Subscription Receipts to purchasers included on a president's list to be formed by the Company in connection with the Offering. Each compensation warrant will entitle the holder to acquire one Common Share at the issue price for a period of two years. As described above, 50% of the Agents' cash commission will be deposited into escrow pending the satisfaction of the Escrow Release Conditions.

The securities issued pursuant to the Offering will be subject to a statutory four-month hold period in accordance with applicable securities laws in Canada.

Silver Equivalent Calculations

Silver equivalent ("AgEq") is calculated using metal prices from the Project's most recent mineral resource estimate in 2021 of US$20/oz silver, US$1.15/lb zinc, and US$1.00/lb lead. Average processing recoveries assumed are 95.1% for silver, 81.5% for zinc, and 84.3% for lead. Average payables assumed are 85% for silver, 85% for zinc, and 95% for lead. AgEq is calculated as follows: AgEq (g/t) = Ag (g/t) + Zn (%) * 33.79 + Pb (%) * 33.97. AgEq (ozs) = AgEq (g/t) * (Tonnes of Measured & Indicated Resources or Inferred Resources).

Qualified Person

The scientific and technical data contained in this news release pertaining to the Project was reviewed and approved by Benjamin Kuzmich, who is an independent consultant and "qualified person" within the meaning of NI 43-101.

This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws, and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

About Honey Badger Silver Inc.

Honey Badger Silver is a unique silver company. The Company is led by a highly experienced leadership team with a track record of value-creation, backed by a skilled technical team. Our existing projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc) Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4% zinc) Inferred(1) located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon's prolific Keno Hill and adjacent to Snowline Gold's Rogue discovery. The Company's Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc(2). The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002(3). In addition, we own 10,000 ozs of physical silver yielding 12% per annum. In each instance, the reliability of the historical resource estimates (the "Historical Estimates") are considered reasonable, but a qualified person has not done sufficient work to classify the foregoing Historical Estimates as current mineral resources, and the Company is not treating the estimates as current mineral resources. There is no technical report associated with the Historical Estimates. The Historical Estimate contains categories that are not consistent with current CIM definitions. The Company considers the Historical Estimates to be relevant for the proper understanding of its mineral properties, however, significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person for the Historical Estimates to be in accordance with NI 43-101 standards and to verify the Historical Estimates as current mineral resources. No more recent estimates of the mineral resources or other data are available to the Company. There can be no certainty, following further evaluation and/or exploration work, that the historical estimates can be upgraded or verified as mineral resources or mineral reserves in accordance with NI 43-101.

Sunrise Lake historic resource (2000-2003): Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold. The resource estimate for the Sunrise Deposit was carried out by Silver Standard Resources Inc. (SSR) using a classical polygonal method that relied on 72 diamond drillholes and an average density of 4 t/m3. Drill hole intercepts were taken directly from the drill logs (CBA 1998). Polygons were created within AutoCAD and AutoCAD calculated the areas. Horizontal widths were calculated using the ratio of core length to the width used by CBA in their 1998 estimate. Intercepts not used by CBA were measured on the cross sections. The intercepts were composited primarily using a geological cut-off based on the sulphide content and a nominal 30 g/t Ag grade. Internal values below 30 g/t were included for geological continuity if the composite remained above cut-off. Stringer mineralization was included where silver grades were above 30 g/t and occasionally lower if base metal grades were high. It is assumed the upper 100 m could be mined by open pit methods and the stringer mineralization would have to be removed to access the massive sulphides. The classification of the mineralization is based on the number of drill holes on a section and the continuity of the mineralization. The main massive sulphide horizon has been drilled on sections spaced 40 m apart, and above the -280 m elevation, the down dip continuity of the horizon has been tested with holes 25 to 30 m apart down dip. All mineralization in the massive sulphide horizon above 280 m is considered an Indicated Resource while the near surface stringer mineralization and the massive sulphides below 280 m are considered to be Inferred Resources. Forty holes define the massive sulphide Indicated Resource horizon. In a 2003 report to SSR, Roscoe Postle Associates Inc. (RPA) concluded SSR's resource estimate was reasonable based on approximating a NSR using typical smelter contracts, assuming metallurgical recoveries based on the limited metallurgical testing and on the following price assumptions: USD$ 5.50 per ounce silver, USD$ 400 per ounce gold, USD$ 0.45 per pound zinc, USD$ 0.25 per pound lead, and USD$ 0.80 per pound copper, as well as a USD$ 75 transportation cost, and a CDN$ 1.45:USD$ 1.00 exchange rate.

Clear Lake historic Resource (2010): Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead. In 2010 SRK was engaged to complete a NI 43-101 compliant resource estimate for the Clear Lake deposit for Copper Ridge Explorations Inc. The estimate was made utilizing 1,842 assays from within the deposit, from a total of 13,168 m of drilling in 63 historical drill holes. An average density of 4.07 gm/cc was used, based on a limited number of field measurements that were confirmed in the laboratory, and with a minimum thickness of 2 m. Mineral resources were estimated by ordinary kriging in 12m by 12m by 9m blocks. The mineral resources are reported at a 4% (Pb+Zn) cut-off. Pb grades have been capped at 1.5% and Ag grades were capped at 60 g/t. Although SRK placed this resource in the inferred category due to uncertainties related to the historical nature of the available data, they noted that most of the resource has been drilled at a sufficiently close enough spacing to support indicated classification. The above information has been taken from a news release by Copper Ridge dated January 18th, 2010, as no technical report is publicly available.

Geological Survey of Canada, 2002-C22, "Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis."

More information is available at honeybadgersilver.com

Chad Williams Executive Chairman, Interim CEO chadw@rogers.com | +1 (647) 498-8244

Sonya Pekar Investor Relationsspekar@honeybadgersilver.com | +1 (647) 498-8244

Forward-Looking Statements

Certain statements in this release constitute "forward-looking statements" within the meaning of applicable securities laws, including but not limited to, the potential of the Project, the timing of the completion of the Acquisition and the Offering, the third party approvals and consents (including the TSXV approvals) required to complete the Acquisition and the Offering, the conditions required to be satisfied to complete the Acquisition, the abilities of the companies to complete the Acquisition on the terms announced (if at all), the intentions, plans and future actions of Honey Badger described herein, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits / resources / reserves, geological interpretation, the timing for completing the Acquisition, the Company's ability to satisfy the Escrow Release Conditions on or before the Escrow Release Deadline, the potential merits of the Project, and Honey Badger's strategic objective. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

[1] The Project has received key regulatory approvals including a Type A Water License, Land Use Permits and Environmental Assessment approvals. As is customary with exploration and/or development stage projects, separate construction and operating permits would be required once a final investment and construction decision in made.

[2] The historical estimates for the Project is supported by a technical report dated October 15, 2021 prepared in accordance with NI 43-101, completed by Ausenco Engineering Canada Inc., for NorZinc Ltd., which is currently the parent company of CZC. The historical estimates contained in this news release have not been verified as current mineral resources. A "qualified person" (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources, and the Company is not treating the historical estimate as current mineral resources. The Company considers the historical estimates to be relevant for the proper understanding of the Project, however, significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person for the historical estimates to be in accordance with NI 43-101 standards and to verify the historical estimates as current mineral resources.

[3] Historical mineral resource estimates for the PC Silver Project are based on the following key parameters and assumptions: (1) Mineral Resources are stated as of October 15, 2021; (2) Mineral Resources include those Resources converted to Mineral Reserves; (3) Stated at a cut off grade of 8% ZnEq based on prices of $1.15/lb for zinc, $1.00/lb for lead, and $20/oz for silver; (4) Average processing recovery factors of 81.5% for zinc, 84.3% for lead, and 95.1% for silver; (5) Average payables of 85% for zinc, 95% for lead, and 85% for silver; (5) ZnEq = (grade of Zn in %) + [(grade of lead in % * price of lead in $/lb * 22.046 * recovery of lead in % * payable lead in %) + (grade of silver in g/t* (price of silver in $/Troy oz/ 31.10348) * recovery of silver in % * payable silver in %)]/(price of zinc in $/lb*22.046 * recovery of zinc in % * payable zinc in %).

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289698

Integra Resources Corp. (ITRG) came out with quarterly earnings of $0.09 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.02 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +55.17%. A quarter ago, it was expected that this company would post earnings of $0.13 per share when it actually produced earnings of $0.1, delivering a surprise of -23.08%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Integra Resources, which belongs to the Zacks Mining – Miscellaneous industry, posted revenues of $55.15 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.89%. This compares to year-ago revenues of $30.4 million. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Integra Resources shares have lost about 31.9% since the beginning of the year versus the S&P 500's decline of 3.9%.

What's Next for Integra Resources?

While Integra Resources has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Integra Resources was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.12 on $83.8 million in revenues for the coming quarter and $0.54 on $295.77 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining – Miscellaneous is currently in the top 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Teck Resources Ltd (TECK), another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on April 23.

This company is expected to post quarterly earnings of $0.49 per share in its upcoming report, which represents a year-over-year change of +16.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Teck Resources Ltd's revenues are expected to be $2.2 billion, up 37.9% from the year-ago quarter.

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This article originally published on Zacks Investment Research (zacks.com).

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Analysts have lifted their Fair Value estimate for Anglo American from £33.82 to £35.05 per share, while Street price targets now range from cautious levels such as 2,800 GBp to more optimistic bands around £38.50 to £43.00. These shifts reflect a split narrative, with some firms leaning into the potential of the Teck merger and others focusing on macro and commodity risks that point to less generous targets. Read on to see how to interpret this evolving analyst story and what to watch as new research comes through.

Analyst Price Targets don't always capture the full story. Head over to our Company Report to find new ways to value Anglo American.

What Wall Street Has Been Saying 🐂 Bullish Takeaways

Several firms, including Barclays, Deutsche Bank and Berenberg, have issued higher price targets in recent months, with figures such as 3,600 GBp and 3,900 GBp that sit above the more cautious targets on the Street.
DZ Bank moved Anglo American to Buy with a price target of 4,300 GBp, citing a positive view on the proposed merger with Teck, which CIBC also highlights after Canadian approval of the deal.
Barclays keeps an Overweight stance while lifting its target to 3,850 GBp, indicating confidence in Anglo American’s ability to execute on its current portfolio and the planned combination with Teck.

🐻 Bearish Takeaways

JPMorgan cut its price target to 2,800 GBp and shifted Anglo American to Underweight, pointing to Middle East related risks for European metals and mining stocks and presenting a downside scenario for copper and iron ore as its new base case.

Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives!

LSE:AAL 1-Year Stock Price Chart

See how Anglo American's fair value stacks up across multiple valuation models — not just analyst targets.

What's in the News

Angola is in talks to acquire a 20% to 30% equity stake in De Beers as Anglo American moves ahead with the sale of its 85% interest, alongside discussions with Botswana, South Africa, and Namibia on a joint approach to the transaction.
Anglo American reported fourth quarter 2025 production that included 170 kt of copper, 15.1 Mt of premium iron ore, 909 kt of manganese ore, 3.8 Mct of diamonds, 2.1 Mt of steelmaking coal, and 10.3 kt of nickel, with full year 2025 volumes also disclosed across these commodities.
Updated guidance sets copper production expectations for 2026 to 2028 in ranges from 700 kt to 850 kt and premium iron ore from 55 Mt to 63 Mt, with diamonds guided between 21 Mct and 26 Mct for 2026.
GRANGEX AB announced a commercial agreement with Anglo American related to restarting the Sydvaranger mine in Northern Norway, including termination of a US$37,000,000 royalty at final investment decision, potential debt participation, and an ESG advisory committee to review tailings options.

How This Changes the Fair Value For Anglo American

Fair Value estimate adjusted from £33.82 to £35.05 per share.
Revenue growth assumption moved from a 7.12% decline to 3.06% growth.
Net profit margin assumption set at 13.99%, compared with the prior 21.30%.
Future P/E assumption revised from 19.29x to 18.67x.
Discount rate updated from 9.46% to 9.63%.

Never Miss an Update: Follow The Narrative

Narratives connect Anglo American's business story to analyst forecasts and fair value estimates, so you can see how headlines translate into numbers. They refresh as new data, guidance, and research come through.

Head over to the Simply Wall St Community and follow the Narrative on Anglo American to stay up to date on:

How exiting thermal coal, PGMs and diamonds, and focusing on copper and premium iron ore could reshape Anglo American's earnings mix around electrification and decarbonization demand.
The impact of cost savings, digitalization, and major copper projects like Quellaveco and the Los Bronces Andina plan on operating efficiency and production options.
Key risks such as production challenges at mines like Collahuasi, delays in selling assets like De Beers, and exposure to South African logistics constraints.

Companies discussed in this article include AAL.L.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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The latest analyst refresh on Teck Resources lifts the central fair value estimate from CA$75.62 to CA$80.82, putting a slightly higher price target in focus. That shift lines up with recent research where several firms are resetting targets into the C$79 to C$82 range around the proposed Anglo American merger and updated Q4 numbers, while others flag valuation and regulatory risk as key pressure points. As you read on, you will see how these differing viewpoints shape the evolving story around Teck and what to watch as new updates arrive.

Analyst Price Targets don't always capture the full story. Head over to our Company Report to find new ways to value Teck Resources.

What Wall Street Has Been Saying 🐂 Bullish Takeaways

Several firms, including Scotiabank, TD Securities, Canaccord and Benchmark, have lifted their targets into roughly the C$79 to C$82 range, reflecting updated Q4 assumptions and the proposed Anglo American merger now being a central part of their models.
Benchmark moved its target to US$67 from US$48 and highlighted potential revenue synergies at QB and Collahuasi, along with recurring pre tax annual synergies linked to the Anglo American tie up.
CIBC raised its target to C$79 and shifted its rating to Tender after Canadian approval of the merger, underscoring that, if remaining approvals come through, the transaction could be an important value driver.

🐻 Bearish Takeaways

TD Securities and Canaccord both keep Hold ratings around C$80 to C$82 targets, which signals that at recent levels they see limited upside relative to their fair value frameworks.
Raymond James downgraded Teck on valuation after a rally, and TD Securities also downgraded earlier in the year, pointing to concerns that the share price already reflects a full merger story and leaves less room for execution or regulatory setbacks.

Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives!

TSX:TECK.B 1-Year Stock Price Chart

See how Teck Resources' fair value stacks up across multiple valuation models — not just analyst targets.

What's in the News

Teck issued 2026 production guidance, with expected copper output of 455,000 to 530,000 tonnes, zinc production of 410,000 to 460,000 tonnes, and refined zinc of 190,000 to 230,000 tonnes, plus Red Dog Q1 2026 zinc in concentrate sales of 40,000 to 50,000 tonnes.
For Q4 2025, Teck reported unaudited production of 134,100 tonnes of copper, 108,600 tonnes of zinc, and 68,100 tonnes of refined zinc.
For full year 2025, Teck reported copper production of 453,500 tonnes, zinc production of 565,000 tonnes, and refined zinc of 229,900 tonnes.
Teck completed a buyback of 18,798,430 shares, or 3.75% of shares outstanding, for a total of US$1.03b under its program announced on November 18, 2024, with no repurchases between October 1 and November 21, 2025.

How This Changes the Fair Value For Teck Resources

Fair value updated from CA$75.62 to CA$80.82 as the new central estimate.
Revenue growth assumption adjusted from 6.25% to 3.88%.
Net profit margin revised from 14.13% to 15.18%.
Future P/E moved from 24.50x to 25.61x.
Discount rate updated from 7.85% to 8.04%.

Never Miss an Update: Follow The Narrative

Narratives link a company story to a financial forecast and fair value, so you can see how projects, risks, and capital decisions fit together. They refresh as new data, guidance, or corporate actions come through, keeping the investment case current.

Head over to the Simply Wall St Community and follow the Narrative on Teck Resources to stay up to date on:

How copper growth projects such as Highland Valley life extension, QB optimization, Zafranal, and San Nicolas are expected to reshape Teck resource mix and volumes.
The role of Teck balance sheet strength, liquidity of about US$8.9b, and ESG track record in funding copper expansion and buybacks or dividends.
Key risks such as project delays at QB2, rising capital costs, permitting and regulatory uncertainty across multiple countries, and sensitivity to copper and zinc prices.

Companies discussed in this article include TECK-B.TO.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

By Lisandra Paraguassu

March 18 (Reuters) – The U.S. embassy will sponsor an event in Sao Paulo between U.S. investors and Brazilian firms looking to produce critical minerals on Wednesday amid diplomatic tensions ‌that threaten to overshadow talks to firm up Western Hemisphere supply chains.

The U.S. has been scrambling ‌to get access to critical mineral reserves, especially rare earths, as the supply chain is currently dominated by Chinese players.

Citi and Anglo American are expected to be in attendance as well as representatives from some Brazilian state governments.

Last week, officials from Brasilia pulled out of the Brazil–U.S. Forum on Critical Minerals, which a U.S. embassy spokesperson called Washington's first event on critical minerals in Latin America this year.

Bilateral relations soured after a far-right U.S. official asked to visit ex-President Jair Bolsonaro ‌in prison, which Brasilia saw as an ⁠attempt to meddle in domestic affairs. Brazil barred the envoy's entrance, citing "falsification" of reasons for the visit.

Brazilian officials also vented frustration in private at the U.S. decision to sign ⁠on Wednesday an agreement on critical minerals with Goias state Governor Ronaldo Caiado, a political opponent to leftist President Luiz Inacio Lula da Silva. The move was seen as an attempt to bypass the federal government, said one Brazilian official following the matter.

The perceived slight added to doubts about how long a recent thaw in U.S.-Brazil relations can last ‌ahead of what looks to be a tightly contested Brazilian election in October.

Last September, Lula met briefly at the U.N. General Assembly with U.S. President Donald Trump, who said the two had an instant rapport. But talk of Lula visiting the White House this month has petered out as attention in Washington shifted to a widening conflict in the Middle East.

Washington still hopes to sign a broader deal with Brasilia, the U.S. spokesperson said, ‌emphasizing a shared interest in partnering to develop Brazil's processing capacity.

Making strides in domestic processing is a priority for Lula, according to an official from Brazil's Ministry of Development, Industry and Foreign Trade, who requested anonymity to discuss ongoing talks.

U.S. officials see potential for ‌billions of dollars in investment and have identified more than 50 mining projects in Brazil that could bolster international efforts to diversify supply, easing China's dominance in critical minerals.

More than 100 companies and several state government representatives are expected to attend the event at the American Chamber of Commerce in Sao Paulo on ‌Wednesday, with local miners encouraged to pitch U.S. investors, one participant said.

(Reporting by Lisandra Paraguassu in BrasiliaAdditional reporting by Marcela Ayres and Bernardo Caram in Brasilia, Marta Nogueira and Fabio Teixeira in Rio de Janeiro;Editing by Brad Haynes and Aurora Ellis)

BHP has named Brandon Craig as its new chief executive to replace Mike Henry at the helm of the world’s largest mining company.

Mr Craig, who is currently BHP’s Americas boss, will start on July 1, when Mr Henry steps down after six-and-a-half years in the role.

The Australian mining giant – which switched its main listing from London to Sydney in 2022, but retained a standard listing in the UK – said Mr Henry had helped the firm establish itself as the world’s biggest copper producer.

But he also presided over two failed attempts to buy rival Anglo American to further bolster its copper portfolio, last November walking away from a deal just 18 months after its previous ill-fated approach.

Former FTSE 100 company BHP had looked to muscle in on the agreed mega-merger between Anglo and Canadian rival Teck Resources before pulling out.

BHP announces new CEO.

BHP’s Board of Directors has appointed Brandon Craig to succeed Mike Henry from 1 July 2026.

Learn more: https://t.co/bBOcrCnFUG #BHP #CEO #Leadership pic.twitter.com/QiabWV146P

— BHP (@bhp) March 17, 2026

Ross McEwan, BHP chairman and former NatWest chief executive, said Mr Craig’s “discipline and focus” would help him drive the group’s strategy forwards.

“We would like to recognise the outstanding contribution of Mike Henry to BHP as chief executive,” he added.

“Under his leadership, BHP has transformed into a safer and more productive company, financially strong and sharply focused on shareholder value and social value.”

Mr Craig has worked at BHP for more than 25 years, having joined in 1999.

Before his current role, he also previously led the group’s Western Australia iron ore business.

He will take on the chief executive role with a 1.9 million US dollar (£1.4 million) annual salary, plus benefits, with the potential for cash and share awards worth up to a maximum of 6.8 million dollars (£5.1 million) each year and possible long-term incentive share awards of up to 3.8 million dollars (£2.8 million) a year.

Mr Craig said: “It is an honour and privilege to succeed Mike Henry as chief of BHP.

“Thanks to his leadership, BHP is well positioned for the future.

“Mike will be remembered for his strategic decision-making, portfolio transformation, operational excellence and focus on safety and high-performance culture.”

Outgoing boss Mr Henry said: “It has been a privilege to serve as chief executive of BHP and to have worked with so many truly talented people. I am proud of what we have achieved together.”

Strengthening Technical Team as the Tahami Centre Copper-Gold Project Advances Toward Discovery Drilling

Vancouver, British Columbia–(Newsfile Corp. – March 16, 2026) – Quimbaya Gold Inc. (CSE: QIM) (OTCQX: QIMGF) (FSE: K05) ("Quimbaya" or the "Company") announces the appointment of Dr. Mark Cruise, ICD.D, PGeo, as Technical Advisor to the Company, effective immediately.

Dr. Cruise is an exploration geologist and mining executive with more than 30 years of global experience across the base, precious metal, and critical mineral sectors. A former base metal specialist with Anglo American, he has held senior roles with publicly listed resource companies on the TSX-V, TSX, and NYSE, and participated in capital-raising activities totaling more than $1 billion. He has founded several successful exploration companies creating shareholder value from discovery through to production. Dr. Cruise holds a Doctorate in Geology from the University of Dublin, Trinity College, the PGeo designation from the Institute of Geologists of Ireland and the ICD.D designation from the Institute of Corporate Directors of Canada.

Alexandre P. Boivin, President & CEO commented:

"We are assembling a team built to take Tahami from discovery to development, and Mark is a critical part of that. Mark reviewed our geological data, looked at Tahami Centre, and made the decision to get involved. That tells you everything you need to know about what we have. We are preparing to compete with the best exploration stories in Colombia, and we are putting the people in place to do it."

Dr. Mark Cruise commented:

"Having worked with porphyry copper-gold systems across multiple jurisdictions, I find the geological characteristics documented at Tahami Centre to be compelling. Systematic exploration by the Quimbaya team has identified geology, alteration patterns, geochemistry, and vein and stockwork development consistent with porphyry copper-gold systems, within the Segovia district's well-documented gold-producing setting. Combined with an extensive land package, an active project pipeline and the high-grade vein targets at Tahami South, Quimbaya is a well-funded multi-target explorer with district-scale potential. I look forward to working with the team helping advance the projects to unlock stakeholder value".

In his role as Technical Advisor, Dr. Cruise will provide strategic guidance on exploration strategy and planning, resource development, and the communication of technical results to the investment community.

About Quimbaya

Quimbaya Gold is a Colombia-focused exploration company advancing a district-scale portfolio of more than 66,000 hectares across highly prospective mineral belts in Antioquia, Colombia. Its flagship Tahami Project, located in Segovia, is immediately adjacent to Colombia's most prolific high-grade gold mining camp, while the Berrio and Maitamac projects are strategically positioned in Puerto Berrío and Abejorral, respectively. Early-stage exploration has identified extensive mineralized vein systems and confirmed the presence of a large, multi-commodity porphyry system hosting gold, copper and molybdenum, highlighting the district-scale discovery potential of Quimbaya's land package. The Company is led by a proven technical and management team committed to disciplined exploration and responsible mining practices.

Contact Information

Alexandre P. Boivin, President and CEO apboivin@quimbayagold.com

Sebastian Wahl, VP Corporate Development swahl@quimbayagold.com

+1 416-432-5449

Quimbaya Gold Inc.Follow on X @quimbayagoldincFollow on LinkedIn @quimbayagoldFollow on YouTube @quimbayagoldincFollow on Instagram @quimbayagoldincFollow on Facebook @quimbayagoldinc

Cautionary Statements

Certain statements contained in this press release constitute "forward-looking information" as that term is defined in applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, but not always, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements herein include statements and information regarding the Offering's intended use of proceeds, any exercise of Warrants, the future plans for the Company, including any expectations of growth or market momentum, future expectations for the gold sector generally, the Colombian gold sector more particularly, or how global or local market trends may affect the Company, intended exploration on any of the Company's properties and any results thereof, the strength of the Company's mineral property portfolio, the potential discovery and potential size of the discovery of minerals on any property of the Company's, including Tahami South, the aims and goals of the Company, and other forward-looking information. Forward-looking information by its nature is based on assumptions and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Quimbaya to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These assumptions include, but are not limited to, that the Company's exploration and other activities will proceed as expected. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: future planned development and other activities on the Company's mineral properties; an inability to finance the Company; obtaining required permitting on the Company's mineral properties in a timely manner; any adverse changes to the planned operations of the Company's mineral properties; failure by the Company for any reason to undertake expected exploration programs; achieving and maintaining favourable relationships with local communities; mineral exploration results that are poorer or better than expected; prices for gold remaining as expected; currency exchange rates remaining as expected; availability of funds for the Company's projects; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; the Offering proceeds being received as anticipated; all requisite regulatory and stock exchange approvals for the Offering are obtained in a timely fashion; investor participation in the Offering; and the Company's ability to comply with environmental, health and safety laws. Although Quimbaya's management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Readers are cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Quimbaya as of the date of this news release and, accordingly, is subject to change after such date. Except as required by law, Quimbaya does not expect to update forward-looking statements and information continually as conditions change.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288537

Wallbridge Mining Company (WM.TO) on Monday said that it has begun drilling at its Martiniere gold project located within the Wallbridge land package in northwestern Quebec.

In a statement the company noted that the 2026 program represents one of its more active exploration seasons in recent years, with approximately 25,000 metres of drilling planned across the Fenelon, Martiniere, Casault and Grasset properties. It added that 17,000 metres of that drilling is taking place at Martiniere planned in two phases.

The company said that phase 1 has commenced, which is building on "strong results" from the 2025 exploration program and is focused on continuing to expand and evaluate the scale and continuity of the broader gold system as it extends beyond the limits of the currently reported mineral resource.

Phase 2, which is planned to start in early July and conclude in September, will be designed based on Phase 1 results, positioning Martiniere for potential future resource delineation as results warrant, added the company.

"We believe continued exploration at Martiniere offers significant potential to unlock additional value for shareholders as we advance our assessment of the property's district-scale growth opportunities while targeting near-term resource expansion," said Brian Penny, Wallbridge's Chief Executive Officer. "At the same time, we remain focused on advancing the technical work required to further de-risk Fenelon and position the project for its next stage of development."

TORONTO, March 16, 2026 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX: WM, OTCQB: WLBMF) (“Wallbridge” or the “Company”) is pleased to announce that it has commenced drilling at its Martiniere gold project (“Martiniere”) located within the Wallbridge land package in northwestern Quebec.

The 2026 program represents one of the Company’s more active exploration seasons in recent years, with approximately 25,000 metres of drilling planned across the Fenelon, Martiniere, Casault and Grasset properties. 17,000 metres of that drilling is taking place at Martiniere planned in two phases. Phase 1 has commenced, which is building on strong results from the 2025 exploration program and is focused on continuing to expand and evaluate the scale and continuity of the broader gold system as it extends beyond the limits of the currently reported mineral resource. Phase 2 (planned to start in early July and conclude in September) will be designed based on Phase 1 results, positioning Martiniere for potential future resource delineation as results warrant.

“We believe continued exploration at Martiniere offers significant potential to unlock additional value for shareholders as we advance our assessment of the property’s district-scale growth opportunities while targeting near-term resource expansion,” commented Brian Penny, Wallbridge’s CEO. “At the same time, we remain focused on advancing the technical work required to further de-risk Fenelon and position the project for its next stage of development,” concluded Mr. Penny.

Qualified Person

The Qualified Person responsible for the technical content of this news release is Mr. Mark A. Petersen M.Sc., P.Geo. (OGQ AS-10796; PGO 3069), Senior Exploration Consultant for Wallbridge.

About Wallbridge Mining

Wallbridge is focused on creating value through the exploration and sustainable development of gold projects in Quebec’s Abitibi region while respecting the environment and communities where it operates. The Company holds a contiguous mineral property position totaling 598 square kilometres that extends approximately 82 kilometres along the Detour-Fenelon gold trend. The land position is host to the Company’s flagship PEA stage Fenelon Gold Project, and its earlier exploration stage Martiniere Gold Project, as well as numerous greenfield gold projects.

For further information please visit the Company’s website at https://wallbridgemining.com/ or contact:

Wallbridge Mining Company Limited
Brian Penny, CPA, CMAChief Executive OfficerEmail: bpenny@wallbridgemining.comM: +1 416 716 8346	Tania Barreto, CPIRDirector, Investor RelationsEmail: tbarreto@wallbridgemining.comM: +1 289 819 3012

Cautionary Note Regarding Forward-Looking Information

The information in this document may contain forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and interpretations as at the date of this document.

All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include, but are not limited to, words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, “potential”, “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”

FLI in this document may include, but is not limited to: the continuity of and expansion potential of the Martiniere gold system; the potential to increase mineral resources on the Company’s properties on the Detour-Fenelon gold trend; the growth potential of known mineralization and the Company’s mineral properties in general; the amount and location of planned drilling during 2026; the significance of historic exploration activities and results; and the potential for future development at Fenelon.

FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this document is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained in this document to reflect new events or circumstances. Unless otherwise noted, this document has been prepared based on information available as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information contained herein.

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.

Assumptions upon which FLI is based, without limitation, include: the results of exploration activities, the Company’s financial position and general economic conditions; the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Company’s mineral properties; the accuracy of key assumptions, parameters or methods used to estimate the mineral resource estimates and in the preliminary economic assessment; the ability of the Company to obtain required approvals; geological, mining and exploration technical problems; failure of equipment or processes to operate as anticipated; the evolution of the global economic climate; metal prices; foreign exchange rates; environmental expectations; community and non-governmental actions; and, the Company’s ability to secure required funding. Risks and uncertainties about Wallbridge's business are discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedarplus.ca.

Cautionary Notes to United States Investors

Wallbridge prepares its disclosure in accordance with NI 43-101 which differs from the requirements of the U.S. Securities and Exchange Commission (the “SEC”). Terms relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources and economic studies used herein are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to US companies. As such, the information presented herein concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

Southern Copper (SCCO) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this miner have returned -7% over the past month versus the Zacks S&P 500 composite's -2.3% change. The Zacks Mining – Non Ferrous industry, to which Southern Copper belongs, has lost 6.5% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate Revisions

Here at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, Southern Copper is expected to post earnings of $1.88 per share, indicating a change of +58% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.5% over the last 30 days.

The consensus earnings estimate of $6.57 for the current fiscal year indicates a year-over-year change of +25.4%. This estimate has changed +3.1% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $6.25 indicates a change of -5% from what Southern Copper is expected to report a year ago. Over the past month, the estimate has changed +12.1%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Southern Copper is rated Zacks Rank #3 (Hold).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue Growth

Even though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For Southern Copper, the consensus sales estimate for the current quarter of $3.87 billion indicates a year-over-year change of +23.9%. For the current and next fiscal years, $14.56 billion and $12.99 billion estimates indicate +8.5% and -10.8% changes, respectively.

Last Reported Results and Surprise History

Southern Copper reported revenues of $3.87 billion in the last reported quarter, representing a year-over-year change of +39%. EPS of $1.56 for the same period compares with $1.01 a year ago.

Compared to the Zacks Consensus Estimate of $3.62 billion, the reported revenues represent a surprise of +6.88%. The EPS surprise was +6.85%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

Valuation

No investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Southern Copper is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom Line

The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Southern Copper. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Vancouver, British Columbia–(Newsfile Corp. – March 12, 2026) – Rokmaster Resources Corp. (TSXV: RKR) (OTCQB: RKMSF) (FSE: 1RR1) ("Rokmaster" or "the Company") is pleased to announce drill testing of porphyry Cu-(Mo±Au) targets on the Hanson Property in the coming weeks.

The Hanson Property is a part of the Company's Nechako Project, which totals 26,932 hectares (269 km2) across three properties located in west-central British Columbia. The Nechako Project features multiple exploration targets for significant porphyry Cu-(Mo±Au) mineralization and high-grade Au-Ag vein systems in the southern portion of the productive Stikine terrane (Figure 1). Rokmaster has nurtured the Nechako Project for several years, efficiently vectoring towards robust drill targets on the three properties which now all hold exploration drill permits.

The Hanson Property is largely underlain by granite, monzonite, and granodiorite of the Endako Batholith which also hosts the past producing Endako Molybdenum Mine located approximately 20 km south of the Property (Figure 2). The Hanson Property is situated near a major structural intersection with potential for three distinct periods of mineralization in the district: late Jurassic porphyry Mo, late Cretaceous porphyry Cu±Mo±Au, and early Eocene porphyry Cu-Au mineralization. Previous exploration work, mostly completed by Endako Mines in the early 1970's, generated several significant soil and geophysical anomalies which have received only limited drill testing.

The focus for the upcoming drill program will be on the Wilson Zone which features multiple layers of encouraging features building on previous exploration:

A 900 x 800 m open soil anomaly with high molybdenum (10-126 ppm Mo) and copper (80-357 ppm Cu) concentrations.
The soil anomaly is coincident with outcrops of Stern Creek diorite which hosts fracture- and vein-hosted molybdenite mineralization and extensive potassic secondary biotite alteration.
The Wilson Zone hosts historical rock grab sample results up to 1.37% Mo, 0.47% Cu, and 0.48 g/t Au.
An open I.P chargeability anomaly was detected in 1973 by Endako Mines over the Wilson Zone. The broad anomaly is evident in the more exposed area to the east with strong pyrite mineralization, and cored by a resistivity high anomaly. Endako Mines completed only two shallow (<63.0 m) drillholes near the resistivity anomaly after a five-year hiatus of exploration at the time. These two drillholes were sporadically assayed only for molybdenum which returned elevated results up to 0.07% MoS2.
An airborne ZTEM survey completed in 2012 features anomalies in the apparent resistivity and magnetic data that are coincident with the above.
The Wilson Zone occurs along a major north-trending intrusive contact between the Hanson Phase and Stern Creek Phase of the Endako Batholith.

Ambitious exploration on the larger Nechako Project is planned for 2026 on all three Properties, and will include I.P survey and drill testing on the Mystery Property later in the year. The entire Nechako Project is permitted for exploration drilling and the Company is funded to complete the exploration work currently planned for 2026.

John Mirko, President and CEO, comments:

"The Wilson Zone on the Hanson Property hosts multiple features that encourage drill testing for significant porphyry Cu-(Mo±Au) mineralization in the coming weeks. The positive field work completed in 2025 combined with the excellent work done by previous operators on the Property have vectored several exciting drill targets for the critical metals of molybdenum and copper with encouraging gold results in the same area. For several years, Rokmaster has been advancing the Nechako Project by effective field work programs and by getting drill permits in place to launch into 2026 with potential discoveries in a thrilling price environment."

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and reviewed and approved by Eric Titley, P.Geo., who is independent of Rokmaster and who acts as Rokmaster's Qualified Person.

For more information please contact

Mr. John Mirko, President & CEO of Rokmaster Resources Corp., jmirko@rokmaster.com, Ph. +1 (604) 290-4647 or by website: www.rokmaster.com

On Behalf of the Board of Directors of

Rokmaster Resources Corp.

John Mirko,President & Chief Executive Officer.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term in defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," 'projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: receipt of regulatory approval with respect to the Hanson Property transaction; risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Rokmaster's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288243

VANCOUVER, British Columbia, March 12, 2026 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) has released its 25th annual Sustainability Report, highlighting the company’s 2025 performance in key areas, including support for communities, Indigenous Peoples, health and safety, diversity and climate.

“This report highlights our continued focus on responsibly providing the critical minerals needed for global development and the energy transition,” said Jonathan Price, President and CEO. “As we advance our proposed merger with Anglo American plc and strengthen our sustainability performance, we remain committed to operating safely, supporting local communities and creating long-term value.”

Teck’s 2025 Sustainability Report is prepared in accordance with the Global Reporting Initiative (GRI) Standards for the period January 1–December 31, 2025. The report has also been prepared in accordance with the Sector Standard GRI 14: Mining and Metals Sector 2023 and is aligned with the Sustainability Accounting Standards Board (SASB) Standards.

Our report is in conformance with the member requirements of the International Council on Mining and Metals (ICMM), including the implementation of the ICMM Mining Principles, and any mandatory requirements and corporate-level aspects set out in the Position Statements and the Performance Expectations (PE). Disclosure related to our validation of the ICMM PE can be found here. Teck is also in validated against the Mining Association of Canada’s Towards Sustainable Mining (MAC TSM) Protocols. Disclosure related to our self-assessments and verification on the TSM Protocols can be found on the MAC TSM website.

For the full report, please click here. Other reports, including the 2025 Annual Report are also available on our Disclosure Portal.

Forward-Looking StatementsThis news release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information as defined in the Securities Act (Ontario). Forward-looking statements and information can be identified by statements that certain actions, events or results “may”, “could”, “should”, “believe”, “would”, “expect”, “continue”, “might” or “will” be taken, occur or achieved. Forward-looking statements include statements relating to Teck’s focus on responsibly providing the critical minerals needed for global development and the energy transition, the proposed merger with Anglo American plc, and the potential to strengthen sustainability performance.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general business and economic conditions, our ability to implement our sustainability strategy and related governance processes, our ability to satisfy the conditions of closing of the proposed merger, our ability to operate safely, support local communities and create long-term value, our ability to obtain and maintain permits, the regulatory framework remaining defined and understood, and other considerations that are believed to be appropriate in the circumstances. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially.

Factors that may cause actual results to vary include, but are not limited to, risks relating to our ability to implement our sustainability strategy and related governance processes, our ability to satisfy the conditions of closing of the proposed merger, our ability to operate safely, support local communities and create long-term value, our ability to obtain and maintain permits, changes in the regulatory framework and the presence of laws and regulations that may impose restrictions on mining, the timing and ability of Teck to obtain and maintain required approvals and permits, community, non-governmental and governmental actions, stakeholder and Indigenous peoples’ actions, risks related to mining construction and operation activities, the ability to continue current operations, metal and commodity prices, the global economic climate, and changes or deterioration in general economic conditions. Teck does not assume the obligation to revise or update these forward-looking statements after the date of this document, except as may be required under applicable securities laws.

About TeckTeck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. We are focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.

Investor Contact:Emma ChapmanVice President, Investor Relations +44.207.509.6576emma.chapman@teck.com

Media Contact:Dale SteevesDirector, External Communications236.987.7405 dale.steeves@teck.com

European bourses were trending lower in Thursday trading as investors continue to keep a wary eye on developments in the Middle East conflict, as well as Iran's closure of the Strait of Hormuz, which has sent oil price soaring.

The Stoxx Europe fell 0.8%, Germany's DAX dropped 0.6%, the FTSE 100 lost 0.7%, France's CAC declined 1%, and the Swiss Market Index was down 1%.

European financial stocks were hit hard as HSBC and Barclays shed 7.1% and 5.8% respectively in London, followed by Standard Chartered and Lloyds Banking, which dropped 4.5% and 3.3% respectively. Deutsche Bank and Commerzbank lost 6.7% and 4.5% respectively in Frankfurt. Societe Generale and BNP Paribas declined 2.8% and 2.7% respectively in Paris, followed by Credit Agricole, which was down 2.4%.

Mining stocks were also tracking lower as Antofagasta and Anglo American fell 3.6% and 3.2% respectively in London. ArcelorMittal lost 4.2% in Paris, while Heidelberg Materials was down 4.7% in Frankfurt.

And in corporate news, Deutsche Bank said Thursday in its annual report that it has about 26 billion euros ($30 billion) in exposure to private credit, an asset class facing rising scrutiny as investors pull back and concerns grow about loan quality.

The German lender said it does not see "significant risks" tied directly to non-bank financial institutions but warned of potential indirect credit risks through interconnected portfolios and counterparties.

Deutsche Bank also said Thursday that it plans to defend itself "robustly" in civil lawsuits filed by former employees, who are seeking more than $980 million in total settlements for alleged damage caused to their careers.

Civil claims for 152 million euros ($176.3 million) and 600 million British pounds ($805.5 million) have been filed by five employees in Germany and the UK.

Stellantis executives have met with Chinese carmakers XPeng and Xiaomi to discuss options for its European operations, including acquiring stakes in Maserati or other brands, Bloomberg reported Thursday, citing people familiar with the matter.

None of the companies immediately replied to requests for comment from MT Newswires.

Shares of Stellantis were down 2.3% in Paris.

UBS and JPMorgan Chase had severed ties with Infini Capital Management well before a probe into the investment firm was made public, Bloomberg News reported Thursday, citing people familiar with the matter.

Infini was recently raided by authorities during an investigation into alleged insider dealing in Hong Kong, the unnamed sources told the news outlet.

JPMorgan, UBS, and Infini didn't immediately respond to MT Newswires' requests for comment.

Shares of UBS lost 2.7% in Zurich.

BHP Group's Newman fines, a specific grade of iron ore, has been banned by state-owned China Mineral Resources Group for domestic firms starting next week over a contract dispute, Reuters reported Thursday, citing three sources with knowledge of the matter.

The Chinese government has been increasing restrictions on purchases of BHP's iron ore over the past six months as it negotiates the terms of its 2026 contract with steelmakers, according to the report.

Shares of the mining company fell 2.4% in London.

Anglo American (NGLOY) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates — one of the most powerful forces impacting stock prices.

The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate — the consensus of EPS estimates from the sell-side analysts covering the stock — for the current and following years is tracked by the system.

The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.

As such, the Zacks rating upgrade for Anglo American is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock Prices

The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Anglo American imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.

Harnessing the Power of Earnings Estimate Revisions

As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for Anglo American

For the fiscal year ending December 2026, this company is expected to earn $0.84 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for Anglo American. Over the past three months, the Zacks Consensus Estimate for the company has increased 18.7%.

Bottom Line

Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Anglo American to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

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Anglo American (NGLOY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

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